Bitcoin miner BitMine Immersion recently announced that it has accumulated over $3 billion in Ethereum (ETH), making it the third largest public crypto treasury worldwide, after two other companies that hold Bitcoin. The firm purchased 833,137 ETH at an average price of $3,491.86 per coin in just 35 days. Tom Lee, the chairman of BitMine, states that Ethereum is gaining traction as a favorite among institutional investors, paralleling its previous success with Bitcoin. In recent weeks, Ethereum's price has seen fluctuations yet managed to rally by more than 46% in a month. This swift accumulation of ETH aligns with a trend where companies leverage cryptocurrencies as treasury assets, following the path set by MicroStrategy with Bitcoin holdings. The rapid market interest and investment in Ethereum indicate a significant shift toward this cryptocurrency among corporate investors, which may affect future trends in both the market and investment strategies in digital assets.

Source 🔗