BitMine boosts ETH holdings closer to $10B as bear market accumulation continues
BitMine continued buying Ether through the market downturn, growing its stake to nearly 5% of the circulating supply while generating staking yield amid mounting ecosystem challenges.
BitMine Immersion Technologies continued to expand its Ether holdings last week, acquiring more of the second-biggest digital asset despite a prolonged market downturn as its large staking operation continues to generate yield.
On Monday, the crypto treasury company reported that it acquired 76,881 Ether (ETH) over the past week, potentially reducing its average cost basis as ETH briefly plunged below $1,600 during the period. The company has been steadily acquiring Ether during the bear market, regardless of price action.
BitMine now holds 5,620,754 ETH acquired at an average price of $1,718.