Bitmine Buys 128K ETH Worth $480 Million

Shortly after October’s historic crypto market crash, Bitmine Immersion Technologies acquired 128,718 Ethereum (ETH), worth approximately $480 million for its corporate reserve. The move shows how major institutions are seizing opportunities amid market turmoil.

Data from on-chain analytics firm Lookonchain revealed that Bitmine bought ETH from two exchanges, FalconX and Kraken, using six newly activated wallets likely tied to the company. These buybacks affirm a strategic buy-the-dip strategy, which exploits the plummeting prices in the crash

Led by Fundstrat Capital CIO Tom Lee, Bitmine already held over 2.83 million ETH before this purchase, as per Strategic ETH Reserve data. With the latest haul, the company’s Ethereum treasury now totals roughly 2.96 million ETH, nearly 2.5% of the entire Ethereum supply.

This makes Bitmine the largest public company ETH holder and one of the biggest crypto treasuries overall, second only to MicroStrategy, according to CoinGecko data.

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