Bitmine Increases Ethereum Holdings Amid Market Decline
- Bitmine Immersion Technologies purchased an additional 45,759 Ethereum in the past week.
- The company’s total Ethereum holdings now stand at approximately 4.37 million ETH, valued at an average price of $1,998.
- Ethereum is currently trading at $1,974, down by nearly 2% in the last day and over 40% for the month.
- Bitmine’s total crypto and cash holdings are reported to be worth $9.6 billion.
- The company aims to achieve a target of holding up to 5% of the total ETH supply, having reached over 72% of that goal within seven months.
Despite market pressures on Bitcoin and Ethereum, Bitmine continues its acquisition strategy based on perceived strong fundamentals for Ethereum. The firm also announced plans for its Made in America Validator Network (MAVAN), set to launch in early calendar year.
As Bitmine expands its position with significant Ethereum holdings, it emphasizes its strategy amidst current market conditions where ETH has seen a substantial decline of over $400 in value this month. (Source)
