BitMine’s Recent Investment Decision Has Significant Impact on Ethereum Market Valuation

BitMine’s Recent Move Sees ETH Treasury Value Soar to $4.96 Billion

In a shocking move, BitMine has increased its Ethereum holdings by over 316,000 tokens in just one week, resulting in a massive treasury valuation of $4.96 billion. This significant increase comes as open interest nears an unprecedented $60 billion, sparking concerns about the potential for liquidations.

As reported by Coinspeaker, BitMine’s aggressive accumulation of ETH has led to its treasury value reaching new heights. The company’s stock (NASDAQ:IMMR) is now one of the 25 most actively traded US equities, with a staggering five-day average daily dollar volume of $2.2 billion, surpassing industry giants JPMorgan and Micron Technology.

The remarkable surge has resulted in Ethereum’s price breaking above $4,360, marking the fifth consecutive day of gains for the cryptocurrency. This rapid increase is largely attributed to aggressive corporate treasury accumulation by BitMine and Fundamental Global.

In a separate development, Fundamental Global announced its first ETH purchase of 47,331 tokens as part of an ambitious $5 billion acquisition fund aimed at securing 10% of Ethereum’s total supply.

Source: www.coinspeaker.com