We have seen the number of reserve companies increase this year as cryptocurrencies become widespread on a global scale. As of June, Ethereum-focused companies were born, and subsequently, companies accumulating altcoins such as SOL, BNB, and HYPE entered our lives. However, this excitement was short-lived because the volatility in the markets made it difficult for them to access cash. But the biggest ones are still standing.
BitMine Ethereum Purchase
BitMine, the largest institutional altcoin reserve company, announced its new acquisition today. Strategy’s Then the largest company, BMNR, started accumulating in June with the dream of holding 5% of the entire Ethereum supply. At the point it has reached today, it is now even closer to its goal.
4.11 million ETH The holding company currently has $1 billion in cash, and BMNR is among the 47 most traded stocks in the United States. The average cost of the reserve of 4,110,525 ETH decreased to $ 2,948. The company holds 3.41% of the ETH supply and they have announced that the MAVAN staking solution will be released by March.
Tom Lee said in his statement today;
“Market activity tends to slow as we enter the final holiday weeks of the calendar year. Bitmine added 44,463 ETH last week, and we remain the world’s largest buyer of ETH. Year-end tax-loss-related selling is pushing down crypto and crypto stock prices, and this impact is highest from December 26th to December 30th, so we are guiding markets with this in mind.”
The MAVAN (Made in America VAlidator Network) product will be deployed by March and the company aims to generate $1 million in daily staking revenue.
Although ETH was not affected by the latest announcement, it is clear that the price would probably have fallen even further in recent months if BMNR had not been a buyer. By supporting the ETH market with huge purchases, the company weakens the effect of the negative atmosphere.
Ethereum (ETH)
US markets are negative and the charts are dull due to the holiday week. The burden of sales that have continued for months while buyers are weak has not completely disappeared. January will not be a great period and we have shared our warnings about this for a long time, and investors preferred to reduce their risks in preparation for the new year.
January interest rate decision There are exactly 30 days left and despite the good inflation report, the discount expectation has fallen below 20%. This shows that interest rates will remain stable in January.
