Bitmain, which is drawing attention in Korea as a virtual asset investment corporations, solidified its position as the largest holder of ether by purchasing additional ether worth about $200 million (about 270 billion won) in two days. As ether has shown a bearish trend, falling to its lowest level in a month, analysts say Bitmain used it as a buying-the-dip opportunity.
According to Blockchain data analytics firm Lookonchain, on the 6th (local time) Bitmain bought 22,676 ether worth about $68.6 million from crypto custodian BitGo. The purchase price per coin was about $3,028. The previous day, Bitmain also bought an additional 41,946 coins from BitGo and trading platform FalconX for about $130.8 million, the data showed.
With this purchase, Bitmain's ether holdings are estimated to have increased from 3.73 million as of the end of last month. Converted at the current price, the value of the holdings reaches $11 billion (about 14.7 trillion won). This is more than the combined holdings of the Ethereum Foundation and major institutional investors, showing that Bitmain is effectively the largest ether-holding corporations.
Bitmain said it also holds substantial cash-like assets beyond ether, including 192 bitcoin, equity in subsidiaries worth $36 million, and $882 million in cash. By corporate standards of virtual asset holdings, it is the second largest after MicroStrategy, the world's largest bitcoin-holding company.
The market views the latest purchases as an aggressive expansion of position by scooping up ether in a price correction phase. In fact, the price of ether fell more than 10% in a month to the $3,020 level. Blockchain data analytics firm Alfractal explained that small and mid-sized investors increased selling in this range, intensifying downward pressure. However, so-called "whale" investors holding large volumes appeared to be staying on the sidelines without notable selling.
The long-term outlook remains mostly optimistic. Tom Lee, Bitmain chair and Wall Street analyst, said if bitcoin rises to $250,000, ether could climb to $12,000. Lee cited the past price trends of the two assets and growing institutional demand for digital assets. He further projected, "If, over time, ether's value grows faster relative to bitcoin, a scenario of a rise to the $60,000 range is also possible."
In a market where short-term corrections and long-term expectations intersect, Bitmain's large-scale purchase is seen as a move revealing a willingness to expand holdings even during a weak price phase. The market expects Bitmain's future buying decisions to have some impact on ether's supply-demand structure and price trend.