Bitmain, 1 Billion Dollar Scale Ethereum Holdings…Strategic Buying Intensified
Nasdaq-listed bitcoin mining company Bitmain Immersion Technologies has significantly expanded its Ethereum (ETH) holdings, embarking on full-scale asset diversification.
The company recently announced that it holds a total of 300,657 ETH, equivalent to approximately $1 billion based on market value. Previously, Bitmain had garnered market attention when it was revealed that the company raised $250 million to purchase Ethereum.
This announcement comes amid growing expectations for Ethereum's rise in the cryptocurrency market. In particular, the large-scale corporate-level ETH purchase is interpreted as a demonstration of long-term trust in Ethereum. The move to expand strategy to ETH by existing bitcoin-focused mining companies has been similarly observed among several listed companies lately.
Bitmain's recent moves are interpreted as a signal that institutional investors are increasing their interest in Ethereum and are expected to have a significant impact on the liquidity and supply of the future ETH market.