BitMine Bought 200,000 Ethereum During the Dip

BitMine Expands Ethereum Treasury Portfolio

BitMine Technologies took advantage of the recent drop in cryptocurrency prices by purchasing 202,037 Ether (ETH) tokens last week. This purchase raised the amount of ETH in the company's total assets to over 3 million, allowing it to own 2.5% of the total supply in the market.

The company's president, Thomas Lee, stated, "The recent crypto liquidation created a drop in ETH prices, and BitMine seized this opportunity." Lee emphasized that market volatility can lead to significant discounts on assets: "This situation creates advantages for investors, while it causes losses for traders," he added.

This acquisition means that BitMine has achieved half of its 5% ETH market target.

Following the sudden drop in cryptocurrency prices last Friday, new addresses believed to belong to BitMine executed withdrawals of 128,718 ETH, worth approximately 480 million dollars, through the exchange Kraken and the leading brokerage FalconX. The Lookonchain platform reported that previous withdrawals amounting to 43,843 ETH were also likely to belong to BitMine.

ETH fell from $4,500 on Thursday to $3,500 by Friday evening. Following the increase in trade tensions between the U.S. and China and the announcement by U.S. President Trump of a 100% tariff increase on Chinese goods, ETH rebounded to $4,100 on Monday. BitMine's shares traded at $52.47 with an 11% drop at Friday's close, while gaining 4.3% in pre-market trading.