BitMine Acquires $10.8 Billion in Ethereum, Signaling Major Institutional Backing

BitMine has made a significant move in the cryptocurrency market by acquiring nearly 3.63 million Ethereum worth $10.8 billion on November 24th. This strategic investment underscores BitMine’s bullish outlook for Ethereum and their intention to become one of the largest institutional holders of the digital asset, aiming to reach a target holding of 5% of all existing ETH.