BitMine Invests $827 Million in Ethereum During Market Downturn

BitMine Immersion Technologies made a significant move during the recent cryptocurrency market downturn, acquiring over 202,037 ETH worth $827 million. The company’s aggressive accumulation strategy was prompted by substantial price discounts created by volatility and deleveraging following Friday’s market correction. This acquisition brings BitMine’s total holdings to more than 3 million ETH, a figure that represents about 2.5% of Ethereum’s circulating supply. The purchases took place over several days following the market downturn which triggered a $19 billion liquidation event across the cryptocurrency sector.