BitMine Expands Ethereum Holdings Amid Market Volatility

BitMine has made a significant investment in the Ethereum market by purchasing an additional 51,162 ETH. This acquisition brings the company's total Ethereum holdings to 4.42 million, which is equivalent to approximately 3.66% of the total supply.

The purchase was made as part of BitMine's treasury strategy, aimed at increasing its crypto net asset value per share. According to Tom Lee, chairman of BitMine, the company is executing its plan despite what he describes as a 'mini crypto winter.'

Meanwhile, Ethereum co-founder Vitalik Buterin continues to sell part of his stake in the cryptocurrency. Over the weekend, he sold 1,869 ETH, which valued at around $3.7 million based on current market prices.