"Yesterday, the leading Digital Asset Treasury company for Ethereum, Bitmine (NASDAQ: BMNR), posted an update on its holding through December 8th. They possess nearly 4m in ETH, 192 BTC, $1b in cash, and a $36m stake in Eightco Holdings (NASDAQ: ORBS). Tom Lee has stated the company's goal is to own 5% of the ETH supply, and they continue to purchase Ethereum on a weekly basis. As of yesterday, Bitmine had purchased 138,452 ETH over the prior week, the largest purchase week for Bitmine."
"Ethereum is back over $3.3k for the first time in nearly a month, briefly touching the $3.4k level just a few hours ago. In futures markets, ETH is seeing a near 11% annualized funding rate this afternoon. Traders are getting more optimistic, as this rate level on centralized exchanges hasn't been seen for quite a while. Clearing the $3.3k level is having a positive psychological effect on markets, and could lead to a larger run up through the week."
Ethereum moved back above $3,300, briefly reaching $3,400. Bitmine (BMNR) reported holdings of nearly 4 million ETH, 192 BTC, $1 billion in cash, and a $36 million stake in Eightco Holdings. Bitmine purchased 138,452 ETH over the prior week, the largest weekly buy since mid-October, and aims to own 5% of ETH supply. Bitmine ranks as the second largest crypto treasury after MicroStrategy. Large public purchases often boost algorithmic trading and market sentiment, aided by the recent Fusaka upgrade. ETH futures funding near 11% annualized signals growing trader optimism ahead of the FOMC.
Read at 24/7 Wall St.
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