BitMine Immersion Technologies, recognized as the world’s largest corporate holder of Ether, continues its substantial accumulation strategy.
The company purchased an additional $199 million worth of Ether over the past two days, according to data from Lookonchain.
This includes a $68 million acquisition on Saturday and a $130.7 million purchase executed on Friday.
Firm Nears Long-Term Accumulation Target
These latest purchases bring the company’s total holdings to approximately $11.3 billion worth of Ether.
This represents about 3.08% of the entire Ether supply, as tracked by StrategicEthReserve.
BitMine is reportedly closing in on its stated goal of accumulating 5% of the total Ether supply.
The company maintains an additional $882 million in cash reserves, which may be deployed for further Ether purchases.
Buying Contrasts with “Smart Money” Sentiment
This aggressive buying occurs against a backdrop of declining overall corporate treasury activity in digital assets.
Net corporate Ether acquisitions fell 81% over three months, from 1.97 million ETH in August to 370,000 ETH in November.
Despite this sector-wide slowdown, BitMine accounted for the majority of activity, accumulating 679,000 Ether worth $2.13 billion in the past month alone.
The company’s actions stand in direct contrast to current sentiment among top-performing “smart money” traders.
Ether Faces Short-Term Headwinds
Data from Nansen shows these tracked traders have taken a net short position on Ether, betting on a short-term price decline.
This cohort added $2.8 million in short positions over 24 hours, with a cumulative short position of $21 million.
Demand for spot Ethereum exchange-traded funds (ETFs) also remains tepid, failing to provide significant bullish momentum.
These funds saw a second consecutive day of net outflows on Friday, totaling $75.2 million, following a difficult November that saw $1.4 billion in outflows.
BitMine’s continued investment represents a strong vote of confidence in Ethereum’s long-term value proposition amidst these short-term market headwinds.