Amidst a recent deep correction in the cryptocurrency market, Bitmine continues to attract attention by aggressively increasing its Ethereum holdings. In just the past week, the company purchased an additional 40,613 ETH, with an estimated total value of approximately $81 million, bringing its total holdings to over 4.3 million ETH, equivalent to approximately $8.6 billion at current market prices. With this scale, Bitmine now controls about 3.58% of the total circulating Ethereum supply, making it one of the largest ETH holders globally.
The move to accumulate more Ethereum comes at a time when ETH has just experienced a sharp price drop from its recent peak, making short-term investors cautious. However, according to Tom Lee, CEO of Bitmine and one of the well-known and long-time financial market analysts, this is not unusual. He stated that since 2018, Ethereum has experienced a total of eight drops of around 50% from its most recent peak, and notably, such deep drops occur at least once every year.
