BitMine Boosts Ethereum Holdings with Largest Purchase Since December

BitMine Immersion Technologies, a publicly listed Ethereum treasury, has made its largest weekly acquisition of ETH since December 2022. The company purchased 71,524 ETH valued at approximately $157 million, bringing its total holdings to over 4.87 billion ETH.

According to BitMine's chairman, Tom Lee, the company believes that Ethereum is nearing the end of a brief downturn in the crypto market. To support this claim, BitMine has maintained a steady pace of ETH acquisitions for the past four weeks, investing roughly $150 million in ETH each week.