BitMine expands Ethereum treasury holdings with latest $44M ETH purchase
PositiveCryptocurrency

- BitMine Immersion Technologies has expanded its Ethereum treasury holdings by purchasing 14,618 ETH for approximately $44.34 million through institutional custodian BitGo, at an average price of around $3,033 per ETH. This acquisition reflects the company's ongoing commitment to increasing its cryptocurrency assets despite facing significant unrealized losses.
- This latest purchase is part of BitMine's strategy to bolster its Ethereum reserves, which now exceed 3% of the total ETH supply. The firm is navigating a challenging market environment while aiming to enhance its financial position and shareholder value.
- The expansion of BitMine's Ethereum holdings occurs amid a recovering market for the cryptocurrency, yet the company is also contending with a reported $4 billion in unrealized losses. This juxtaposition highlights the volatility in the crypto market and raises questions about liquidity and investment strategies as firms like BitMine adapt to changing market conditions.
— via World Pulse Now AI Editorial System







