BitMine Immersion Technologies has acquired 379,271 Ether, valued at nearly $1.5 billion, following a significant market crash last weekend. The purchases were made in three separate transactions, with 202,037 ETH acquired immediately after the crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday, according to Arkham Intelligence data. This acquisition bolsters BitMine's position as the largest Ether treasury holder, now possessing over 3 million ETH, or 2.5% of the total supply. Despite concerns from Fundstrat's Tom Lee about a potential digital asset treasury bubble, he remains optimistic about Ether's prospects. Lee suggests that Ethereum could surpass Bitcoin in market dominance, akin to how equities overtook gold. Meanwhile, research indicates that many digital asset treasuries are trading below their net asset value, though those with robust capital and management may still offer significant returns.
BitMine Acquires $1.5 Billion in Ether Amid Market Downturn
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