 
 
Tom Lee-chaired Ethereum treasury BitMine Immersion bought the dip, adding roughly $800 million worth of Ethereum to its treasury as ETH retreats from its August record peak.
BitMine Accelerates Ether Accumulation Strategy
BitMine has continued its Ether buying spree as crypto prices plunged. According to a Monday press release, the company scooped up a further 203,826 Ether over the last week.
BitMine Immersion, which has the largest Ethereum treasury of any publicly traded firm and the second-largest overall crypto treasury, said it now holds 3,236,014 ETH acquired at an average price of $4,022 per coin. To put it into perspective, the ETH stockpile represents around 2.7% of Ether’s circulating supply. This brings BitMine more than halfway to its ambition to reach 5%.
The Nasdaq-listed firm also listed 192 Bitcoins worth $21.3 million, $219 million in unencumbered cash, and a $119 million equity stake in Eightco Holdings as part of its $1.34 billion in combined crypto and cash holdings.
ETH was recently priced at approximately $3,866 per coin after a rocky couple of weeks. According to CoinGecko data, it dropped last week to as low as $3,709, its lowest price in two months. The asset is currently 21.9% down from its August all-time high of $4,946.05.
 
ETH’s ‘Price Dislocation’ Is A Buying Opportunity
The latest purchase means BitMine purchased around 1.6 billion in ETH over the past two weeks as crypto prices slipped, culminating in a record-setting flash crash on October 10.
“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” chairman Thomas Lee posited in a Monday statement.
In September, Lee held firm on his prediction for Ether to hit $12,000 before the end of this year, despite just over two months remaining on the clock. To achieve Lee’s target, the second-largest cryptocurrency by market cap would need to surge over 200% from its current price level.