BitMine Gets $70 Million in ETH as Markets Fluctuate

BitMine Immersion Technologies, a company that works with cryptocurrencies, just bought a lot of Ether, which is the digital currency used on the Ethereum network. Even though the crypto market was going down, they spent almost $70 million in just three days. This shows that they have faith in Ether’s future.

BitMine bought 16,693 Ether coins for about $50.1 million over the weekend. Then, on Monday, they bought another 7,080 Ether for about $19.8 million. Experts used on-chain data, which is like a public record of blockchain transactions, to keep track of these purchases.

This isn’t a one-time thing. BitMine now has a total of about 3.7 million Ether. They paid an average of $3,008 for each of these. Ether is currently trading at about $2,803, which means they are losing money on paper for now. But they keep buying.

BitMine has a big idea. They want to have 5% of all Ether that is out there. They’ve already made it more than halfway. This means that they have the most Ether in their treasury. For crypto, treasuries are like savings accounts for companies.

There were also some changes to the BitMine team. They made Chi Tsang the new CEO right away, replacing Jonathan Bates. They also added three new people to the board. Tsang says that their large Ether holdings will help them become one of the best financial companies.