Bitmine Immersion Technologies has purchased 65,341 Ethereum, which is over $138 million. They are still buying a lot. This is the week in a row they have bought more.
They now have 3.86% of all Ethereum that exists, which is over 4.66 million Ethereum. They also have $1.1 billion in cash.
The chairman, Tom Lee, thinks the cryptocurrency market is almost done with its time. He thinks Ethereum might be almost done with a downturn, which is why Bitmine Immersion Technologies is buying more Ethereum.
The company is still dealing with a loss of about $7 billion because of the recent market problems. Bitmine is looking at the future and trying to make the most of it instead of worrying about the losses it has now.
This is what a lot of investors do. They buy things when the market is not doing well because they think it will get better later. If the market gets better, the big decisions made by Bitmine could bring in a lot of money.
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