Largest Ethereum treasury BitMine invests another $200 million, addresses recent ETH price decline

BitMine Immersion Technologies recently acquired nearly 70,000 ETH, bringing its total holdings to 3,629,701 ETH, which constitutes about 3% of the total Ethereum supply. Although this makes it the second-largest crypto treasury after a Bitcoin-focused entity, the U.S. dollar value of its stockpile has decreased to approximately $10.2 billion due to Ethereum's recent nearly 30% price decline over the past month.

BitMine attributed the price drop to impaired liquidity since October 10th and weak technicals, noting that current ETH prices near $2,500 present an asymmetric risk/reward profile with limited downside and significant upside potential tied to the "supercycle ahead."

Furthermore, the company, backed by notable investors like Cathie Wood and Tom Lee, recently reported a $328 million net income for its fiscal year ending August 31st and announced plans to offer shareholders an annual dividend and continue its share buyback program alongside its ongoing Ethereum purchases. BitMine also holds 192 bitcoin, an $800 million cash reserve, and a stake in Eightco Holdings.

(Source：The Block)