Bitmine Makes Record Ether Purchase Amid Price Decline
- Bitmine purchased 126,971 ETH last week, valued at approximately $214 million.
- This marks Bitmine’s largest weekly purchase in the year, increasing total holdings to 5.54 million ETH worth about $9.3 billion.
- The firm now controls approximately 4.59% of Ethereum’s total supply and aims to reach a target of 5% by year-end.
- Despite the downturn in crypto prices, Bitmine has continued to accumulate assets while many peers have ceased purchases.
- The company also plans to issue preferred equity shares that pay dividends to raise additional funds.
Bitmine’s aggressive buying strategy comes as it believes the current pullback in ETH prices does not reflect the underlying strength of Ethereum fundamentals. The firm is currently facing an estimated $9.6 billion in paper losses due to significant declines in ETH value.
Last week’s purchase of over $214 million worth of ETH underscores Bitmine’s commitment to expanding its holdings despite market volatility.(Source)
