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Crypto

BitMine Stock Skyrockets as Ethereum DCA Strategy Pays Off

Guavy AI Editorial Team
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ETH
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BitMine stock has made significant gains in recent days, reaching $22.83 and marking its highest level since May of this year.

This uptrend is largely attributed to BitMine's dollar-cost averaging strategy for purchasing Ethereum, which appears to be paying off as the cryptocurrency continues to rise.

The company has been buying small amounts of ETH tokens each week since July last year and now holds over 5.8 million coins, with a value that has jumped by over 60% since it dropped to $1,500.

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