release<\/a>, BitMine is now roughly 63% of the way to its long-term goal of holding 5% of Ethereum\u2019s total supply.<\/p>\nThroughout November alone, BitMine acquired nearly 150,000 ETH across multiple buys spread across price dips and volatile sessions.<\/p>\n
Ethereum price, in the meantime, struggled to gain traction against the backdrop of a risk-averse market that remains under heavy selling pressure, devoid of any solid catalysts, and weighed down by macro uncertainty.<\/p>\n
ETH has fallen nearly 30% in the past 30 days and was trading more than 43% below its all-time high price hit in August. The drawdown has been exacerbated by notable outflows from Ethereum ETFs that once served as a foundation for the rally that pushed prices higher earlier this year.<\/p>\n
Analysts at crypto.news have urged traders to remain cautious as they speculate the token may be due for more volatility in the upcoming trading sessions.<\/p>\n
However, BitMine Chairman Tom Lee justified the firm\u2019s aggressive ether buys over the past months as strategic positioning ahead of key catalysts like the Fusaka upgrade and chances of a Fed rate cut that could shift market sentiment.<\/p>\n
\u201cIn the past week, BitMine acquired 96,798 ETH tokens [\u2026] Collectively, we see these acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%,\u201d Lee said in an accompanying statement in the recent press release.<\/p>\n
BitMine doubles down on ETH staking<\/h2>\n
BitMine is also focusing on the launch of its upcoming staking infrastructure, dubbed the Made in America Validator Network, which aims to offer a compliant staking solution for large institutions.<\/p>\n
\u201cWe continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the \u2018best-in-class\u2019 solution offering secure staking infrastructure and will be deployed in early calendar 2026,\u201d Lee said.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
BitMine Immersion Technologies has added over 7,000 ether for roughly $19.8 million to its stash that currently accounts for more than 3% of the flagship altcoin\u2019s total supply. Summary BitMine…<\/p>\n","protected":false},"author":1,"featured_media":17072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=17071"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17071\/revisions"}],"predecessor-version":[{"id":17073,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17071\/revisions\/17073"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/17072"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=17071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=17071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=17071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}