BitMine Makes Year's Biggest Ethereum Buy, Spending $230M

BitMine Immersion Technologies (NYSE: BMNR) bought $230 million worth of Ethereum over the past week, marking its largest ETH acquisition so far this year, CoinDesk reported. The company purchased 101,627 ETH, its biggest single-week haul since December 15 last year. At current prices, the purchase equates to about $230 million. BitMine, described as the largest corporate buyer of ETH, has stepped up crypto buying after Chairman Tom Lee said he believes crypto prices have bottomed. The firm now holds 4.97 million ETH, valued at about $11.43 billion at an ETH price of $2,300. Analysts said BitMine remains one of the last major ETH buyers, offering a steady source of demand for the second-largest cryptocurrency by market capitalization. The company reports total holdings of $12.9 billion in cryptocurrencies and cash, including 199 bitcoins (BTC) and $1.12 billion in cash. In a recent media interview, Lee said he saw signs Ethereum had found a bottom, citing broader market dynamics and expectations of peace in the Middle East. He added that ETH has risen sharply since its early-February low and has outperformed stocks since the Iran conflict began on February 28. Ethereum is currently trading around $2,300. BMNR shares are down 30% year to date and last traded at $22.07.