BitMine Surges 8% After Massive Ethereum Acquisition
BitMine’s stock jumped over 8% following a important announcement. The company revealed it now holds 3.24 million Ethereum tokens. This massive holding makes BitMine the world’s largest Ethereum treasury.
BitMine added 203,800 ETH to its treasury during a market downturn. This strategic move, valued at about $800 million, according to a press release on October 20. Chairman Tom Lee said the firm seized a “price dislocation” opportunity. This move aligns with BitMine’s “Alchemy of 5%” goal.
Lee explained, “The crypto market faced a major deleveraging event last week, pushing ETH prices down. However, given Ethereum’s expected Supercycle, this price drop offers an attractive risk/reward ratio.”
BitMine also disclosed $219 million in cash, 192 Bitcoin, and an $119 million stake in Eightco Holdings. These assets total $13.4 billion, making BitMine the second-largest corporate crypto treasury globally.
Following the update, BitMine’s stock climbed over 8%. This growth reflects investor interest in crypto-linked companies.BitMine is now the 33rd most traded stock in the U.S., with daily turnover of $2.1 billion.
BitMine’s stock performance is closely tied to Ethereum’s market recovery. ETH has rebounded nearly 3% in the past 24 hours, reclaiming the $4,000 mark.
