BitMine Increases Ethereum Holdings Amid Market Downturn
- BitMine acquired an additional 17,722 ETH for approximately $34.74 million.
- The company’s total Ethereum holdings now stand at over 4,371,497 ETH, valued at around $8.5 billion.
- This latest purchase is part of a larger buying spree where BitMine accumulated a total of about $90 million in ETH last week.
- BitMine aims to acquire up to 5% of the total circulating supply of Ethereum, currently holding approximately 3.3% based on a total supply of around 120 million coins.
- Despite these purchases, BitMine’s stock (BMNR) has struggled, trading around $20.08 after fluctuating between $19.66 and $20.39 recently.
- Ethereum is currently trading at $1,962, down nearly 60% from its all-time high of $4,800.
Tom Lee’s BitMine is actively accumulating Ethereum despite the ongoing market crash, indicating a strong commitment to increasing their holdings significantly.
With the recent purchase of over $34 million in ETH, BitMine is now only about 72% away from its goal of holding 5% of the total supply.Source
