Bitmine Buys $138M Ether, Bets on Ethereum Turnaround
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Bitmine Immersion Technologies made a significant move by purchasing 65,341 ether, valued at $138 million, increasing their total ether holdings to over 4.66 million tokens, or nearly 3.86% of the circulating supply. This acquisition is part of a three-week buying spree, with their weekly purchases accelerating from an average of 50,000 tokens. The company has also boosted its cash reserves to $1.1 billion, providing ample resources for their strategy. Chairman Tom Lee expressed optimism about the crypto market recovery, viewing ether as entering the final stage of a mini crypto winter. However, DropsTab data indicates around $7 billion in unrealized losses on their holdings, as prices have plummeted in recent months. Despite these challenges, Bitmines substantial holdings and strong cash flow suggest a bold bet on an ether rebound.
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