BitMine Capitalizes on Ethereum Dip: Acquires 200K ETH to Boost Treasury Holdings

BitMine Technologies (BMNR), the leading Ethereum treasury firm, strategically purchased 202,037 ETH tokens valued at $828 million during last week's crypto market downturn. Chairman Thomas Lee stated the company leveraged ETH's price decline from market liquidations, emphasizing volatility creates "substantial discount to fundamentals" opportunities for investors. This acquisition increases BitMine's ETH holdings to over 3 million tokens, representing 2.5% of total supply, advancing toward its 5% ownership target. Blockchain analytics from Lookonchain identified 128,718 ETH withdrawals from Kraken and FalconX potentially linked to BitMine, coinciding with ETH's flash crash from $4,500 to $3,500 amid US-China trade tensions. ETH has since recovered to $4,100, while BMNR shares rose 4.3% in pre-market trading after Friday's 11% decline.