BitMine Boosts Ethereum Holdings, Despite Stock Drop

BitMines recent acquisition of $195 million worth of Ethereum, now owning 3.63 million units, marks a strategic move amidst a declining stock price and crypto market. Despite a 43% monthly stock drop, BitMines shares surged 10% this week, and they now hold 3% of Ethereums total supply. This purchase, one of their smaller ones this year, comes after a $373,000 Ethereum acquisition and follows a trend of crypto-buying firms facing stock value declines. BitMines unencumbered cash increased to $800 million, but the funding source for this latest purchase remains undisclosed. Chairman Tom Lee believes Ethereums price may not drop further, presenting an attractive risk-reward scenario.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.