Ethereum, the largest altcoin by market cap 
$3,717.97 crypto reserve companies altcoin as first choice. Efforts to create Ethereum reserves, which only started in June this year, have already reached gigantic proportions. BitMine announced its new Ether purchase last week. ETH price At the time of writing, it was at $3,724.
Ethereum Whale Purchases
Now the biggest whales are turning into institutional cryptocurrency reserve companies. BitMine It is the largest company that set out for this purpose. Currently, the total of cryptocurrency and cash assets has already reached 13.7 billion dollars. ether The company, which aims to hold 5% of its supply, has already reached 2.8% of the supply with its latest acquisition.
Looking to increase its net asset value (NAV) per share, the company always tries to keep its shares attractive, trading at a premium. If the total amount of ETH in hand is divided by stocks, the resulting figure is above the current share price, this means that it is traded at a premium. People buy shares for higher returns.
The opposite scenario would mean trading at a discount, causing the company to raise cash to buy back shares. Therefore, the company is forced to sell ETH. ETHZilla experienced this last week.
Wanting to support BMNR shares, the company received another 82,353 ETH and continues to do its best to ensure that the shares are traded at a premium.
BitMine and Ethereum
BitMine company BMNR is the 60th most traded stock in the United States, with daily trading volume of $1.5 billion. The company’s goal is to increase the ETH supply holding rate, which is currently 2.8%, to 5%. For now, it has another $389 million in cash for this purpose. 3,395,422 ETH is held at a cost of $ 3,903. 192 BTC and $62 million worth of ORBS shares are also included in the total assets of $13.7 billion.
biggest cryptocurrency reserve company BitMine, the second largest reserve company right after Strategy, is number one in its field, that is, among ETH treasury companies. Tom Lee, the head of the company, said in his statement today;
“We increased our cash holdings from $305 million to $389 million and last week purchased 82,353 ETH, increasing our ETH holdings to 3.4 million, or 2.8% of the ETH supply. We are more than halfway to achieving our ‘5% alchemy’ goal of ETH.”
