Bitmine Immersion Technologies, a major publicly traded Ethereum finance company, bought the cryptocurrency’s plunge.
The Las Vegas-based company added 202,037 ETH (worth approximately $838 million at current prices), bringing its total holdings to 3,032,188 ETH and a value of more than $12.5 billion. It also holds approximately $220 million worth of BTC and has assets of approximately $239 million over the next period. “Moonshot” investment And cash.
“Crypto liquidations over the past few days have caused a drop in the price of ETH, which Bitmine has taken advantage of. We have acquired 202,037 ETH tokens over the past few days, bringing our ETH holdings to over 3 million, or 2.5% of the ETH supply,” Bitmine Chairman Tom Lee said in a statement.
BitMine Stash The company is the largest listed Ethereum financial company. And it’s the second-largest crypto treasury overall after Bitcoin giant Strategy Inc., holding more than $73 billion in Bitcoin.
With the company’s latest acquisition, it has accumulated over 3 million ETH at an average price of $4,154, achieving more than half of its goal of accumulating 5% of the total Ethereum token supply. This is slightly below the current price of approximately $4,163.
ETH fell to $3,686 on Friday amid a record $19 billion in crypto liquidations after President Trump threatened new tough trade tariffs against China. It has since risen again, rising more than 9% in the past 24 hours due to the Trump administration. he softened his tone on the trade war.
“Volatility creates deleveraging, which can cause assets to trade at a deep discount to their fundamentals, or what we call a ‘deep discount to the future,’ which benefits investors at the expense of traders,” Lee said.
Countless users are bullish on Ethereum avoiding another big drop on Monday, currently predicting that there is an almost 94% chance that Ethereum will rise above $3,800 by the end of the day. (Disclaimer: Myriad is decryption’s parent company, DASTAN. )
Like other financial companies Bitcoin miner Mara Holdings joins Bitmine During a brief market dip, I added $46 million to BTC on the spur of the moment.
Bitmine (BMNR) shares opened around 4.35% higher on Monday, trading at $54.75. It was trading above $60 before Friday’s market crash, but has now fallen about 9.35% over the past five trading days.
