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BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

Sage D. Young

BitMine announced purchasing around $820 million worth of ethereum last week, according to a press release, bringing its collective holdings to over 3.2 million tokens or $13 billion at current prices. BitMine’s stash of ethereum now makes up roughly 2.7% of the cryptocurrency’s total supply. 

Shares of BitMine Immersion Technologies rose on the news, as ethereum struggles to stay near the $4,000 mark after dipping under $3,800 over the weekend. 

BitMine Chairman Tom Lee said ethereum is facing downward pressure as a result of the October 10 deleveraging event, which triggered over $19 billion in liquidations. “This price dislocation represents an attractive risk/reward,” Lee argued. 

Meanwhile, investment management firm VanEck filed for an ETF that would give investors exposure to ethereum staking through Lido, a decentralized finance heavyweight with a total value locked of $34.2 billion. 

Last week was rough for US spot ethereum ETFs, which saw nearly $232.3 in outflows on Friday alone, bringing last week’s outflows to $311.8 million in outflows in total, data from SoSoValue shows. 

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The fifth-largest cryptocurrency by market cap, XRP, is getting a new treasury firm: Evernorth.

The firm will list on the Nasdaq and expects to raise over $1 billion in gross proceeds from SBI, Ripple Labs, Pantera Capital, Kraken, and GSR, according to a press release. Chris Larsen, cofounder and executive chairman of Ripple, also announced investing 50 million XRP tokens worth $124.5 million. Net proceeds are dedicated for open-market acquisitions of XRP.

Evernorth joins a number of firms stockpiling XRP, such as VivoPower International, Trident Digital Tech Holdings, and Webus. 

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