BitMine made a purchase of 417 million dollars worth of Ethereum.

Recently, a notable movement in the cryptocurrency market was a large Ethereum purchase made by BitMine Immersion Technologies. With the transaction completed on Wednesday, the company added 104,336 Ethereum to its corporate treasury, amounting to a total investment of 417 million dollars.

According to data from Lookonchain and Arkham, this purchasing process occurred through seven transactions made from two wallets sourced from Kraken and BitGo to three new addresses. Although this purchase has not yet been officially confirmed by the company, it has created a significant impact in the cryptocurrency world.

Following this acquisition, BitMine's total Ethereum holdings reached 3.03 million and the current market value has risen to approximately 12.2 billion dollars. Managed by Tom Lee, co-founder of Fundstrat, the company continues to hold the largest corporate treasury of Ethereum. After Michael Saylor's Strategy company, BitMine possesses the distinction of being the second-largest cryptocurrency treasury in the world.

BitMine also aims to hold 5% of the Ethereum supply and emphasized its determination to support the increasing role of Ethereum in the global financial system for this purpose. Tom Lee stated at the Korea Blockchain Week event last month, “Wall Street and the White House will prefer Ethereum in future blockchain projects because this chain is truly neutral.”

BitMine’s 417 million dollar purchase took place during a period when the price of Ethereum dropped by 8.7% over the last 7 days, falling to 4,028 dollars. As it stands, Ethereum is trading approximately 18.5% below its all-time high of 4,946 dollars. Analysts indicate that the cryptocurrency market has entered a period of stabilization following a recent wave of large liquidations. Paul Howard, director at Wincent, stated, “Those cleaned from leveraged positions are individuals who have already embraced crypto as an asset class. These people are not leaving the market; they are merely repositioning themselves.”