BitMine, a major player in the crypto world, just bulked up its Ethereum holdings. They spent a hefty $828 million, adding over 200,000 ETH to their stash. This big purchase happened right after the crypto market took a tumble.
The company now holds more than 3 million ETH. That’s about 2.5% of all Ethereum out there. Their goal is even bigger: they want to own 5% of all ETH circulating.
Thomas Lee, BitMine’s president, called the market downturn an “exceptional opportunity.” He pointed out that market swings often make assets cheaper than they should be. Lee said this creates a “discount to the future” for smart investors, while traders might lose out.
BitMine Technologies, traded on Nasdaq under BMNR, officially announced these big buys on Monday. This makes them the public company holding the most Ethereum (ETH). As reported by the company, they snapped up 202,037 ETH. This amount was worth $828 million at current prices. The company’s strategy is clear: buy and hold for the long term. They often use periods of high volatility to add more to their positions.
A Calculated Move
On-chain data, shared by analyst Lookonchain, showed BitMine moving fast. Last Friday, during the market drop, addresses linked to the company pulled over 128,718 ETH from exchanges like Kraken and FalconX. That was worth about $480 million then. Before that, another 43,843 ETH also moved, apparently linked to BitMine. While these specific blockchain addresses aren’t officially labeled on sites like Arkham yet, the numbers line up with what BitMine announced in their latest statement.
Market Turmoil Sets the Stage
This whole market dip didn’t happen in a vacuum. It flared up as trade tensions between the U.S. and China got worse. Former U.S. President Donald Trump pushed for a huge 100% tariff hike on Chinese goods. This came after China put new limits on exporting rare metals.
That news sparked a big sell-off, hitting tech stocks and crypto hard. Ethereum’s price felt the pain, dropping from $4,500 on Thursday. By Friday night, it had bottomed out at $3,500, before climbing back to $4,100 by Monday.
Lee believes these market jitters are just part of the game as crypto matures. He noted that buying big when prices tank has proven to be a winning play in the past. “Being disciplined and buying during big drops is often the most profitable strategy,” Lee stated.
More big financial firms are eyeing Ethereum. They see the rise of new decentralized apps and the growing open finance (DeFi) world. BitMine, with its large ETH holdings, wants to be a key player. They aim to be ready when traditional investment funds jump into the crypto space. This bold move also shows BitMine’s confidence in Ethereum’s long-term strength compared to other digital assets. In a market known for its wild swings, BitMine is building its future by smartly riding out the uncertainty.