BitMine Drops $81M on Ethereum Amid Potential Market Shift
BitMine Immersion Technologies has made its largest Ethereum purchase in months, buying 32,447 ETH worth around $81.2 million last week.
This significant investment lifted BitMine's holdings to 5,847,611 ETH, valued at approximately $14.6 billion, which represents about 4.8% of the total Ethereum token supply.
According to Chairman Tom Lee, this large weekly gain could signal a larger move ahead for Ethereum. He pointed out that in two previous instances where the price rose by over 30%, it marked a launch point for a more significant movement in ETH.
BitMine has been gradually increasing its Ethereum holdings as it moves closer to its goal of owning 5% of the token supply. The company's shares saw a 3.5% increase in pre-market trading following the announcement, with the Ethereum price surpassing $2,500 at the time of reporting.