Bitmine announces $74M Ether buys as chair says ‘greater chances of Clarity Act passage’
Bitmine’s big buy contrasts with crypto treasury peer Strategy, which reported selling millions of dollars worth of its Bitcoin holdings on Monday.
Bitmine Immersion Technologies, holding one of the largest Ether (ETH) stockpiles as part of its treasury strategy, said Monday it added of $74 million worth of the second-biggest crypto by market cap, in contrast with Strategy, a major Bitcoin (BTC) holder, which offloaded coins to fund its dividend payments.
Bitmine said that it held 5,742,237 ETH as of Sunday, marking an increase of 42,197 Ether since it reported on its holdings last week. The ETH holdings were reported when the token was valued at about $1,759, making its most recent buys worth about $74 million. The price of ETH has since increased to $1,792 apiece at the time of publication.
Bitmine chair Tom Lee said optimism about the passage of the Digital Asset Market Clarity (CLARITY) Act in the US was an “important milestone” that could allow “smart contract platforms like ethereum to benefit” among the company’s reasons for maintaining its treasury strategy, adding: