Bitmine Just Made Its Largest Ethereum Purchase Since June. Here's Why That Matters For Ethereum Investors.
Digital asset treasury companies are helping to keep a floor under the price of Ethereum.
Overview
Given the recent upswing in crypto prices, it's perhaps no surprise that digital asset treasury companies are starting to make impressive buys once again. Case in point: Bitmine Immersion Technologies (NYSE: BMNR) -- the biggest Ethereum (CRYPTO: ETH) treasury company -- just snagged another $69 million worth of ETH, its largest buy since June.
Bitmine is now closing in on its goal of owning 5% of all ETH in circulation. That could be good news for Ethereum investors everywhere, and here's why.
Details
The best way to keep a floor under the price of any asset is a reliable source of steady buying. Cryptocurrencies need a steady hand at the tiller, helping to guide their price higher.
Source
Originally published at www.fool.com.