Bitmine Increases Ethereum Holdings Amid Market Correction
- Bitmine purchased over 126,971 Ethereum (ETH) worth approximately $214 million during a market dip.
- The company’s total crypto and cash holdings now amount to $9.6 billion, including over 5.54 million ETH and investments in Beast Industries and Eightco Holdings.
- Bitmine’s ETH holdings represent about 4.59% of the altcoin’s total supply, with a goal to reach a 5% supply share by sometime in the future.
- Despite Bitmine’s actions, Ethereum has retraced roughly 15% from its recent highs, with key support levels being tested.
Bitmine has capitalized on the recent market correction to bolster its Ethereum treasury significantly, seeing this as an opportunity given strengthening fundamentals despite short-term price declines.
With their latest purchase, Bitmine aims to further solidify its position as a major player in the Ethereum space, holding nearly one-twentieth of the altcoin’s total supply. (Source)
