Ethereum Treasury News: Bitmine (BMNR) Gains on $800M ETH Purchase

Bitmine Immersion Technologies, led by Thomas Lee, recently purchased over 200,000 ETH, amounting to roughly $800 million, continuing a buying spree during the recent crypto market correction. This purchase brings the company’s total holdings to $13.4 billion, with Ether constituting the majority of its assets – 3.24 million tokens, representing approximately 2.7% of the total ETH supply. Bitmine aims to increase its ETH holdings to 5%. The company views the market correction as a buying opportunity, citing an attractive risk/reward ratio. Despite a potential burst in the digital asset treasury bubble, Bitmine’s stock has gained 8% following the modest bounce in crypto prices. The firm has acquired approximately $1.6 billion in ETH over the past two weeks.

(Source：CoinDesk)