Bitmine Increases Ethereum Holdings Amid Market Decline
- Bitmine acquired an additional 40,302 ETH, raising its total to approximately 4.2 million ETH.
- The company’s total cryptocurrency and cash holdings reached $12.8 billion as of January 25.
- Bitmine’s ETH holdings represent about 3.52% of the total Ethereum circulation.
- Despite the acquisition, Bitmine’s stock (BMNR) fell to around $28.52 amid a broader market decline.
- Ethereum is currently priced at $2,900, having lost over 2% year-to-date.
- Recent whale activity includes a wallet purchasing 61,000 ETH for $171.15 million from Binance.
Bitmine’s significant increase in Ethereum holdings highlights ongoing institutional interest despite current market pressures on the asset class.
With its recent purchases, Bitmine now holds over 4 million ETH, while Ethereum faces selling pressure below the key support level of $3,000.(Source)
