BitMine acquires $50 million in Ethereum, now holds 4.47% of total supply
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By Blaze Trends Business Desk
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Summary
BitMine, a firm that originated as a Bitcoin mining operation, has purchased $50 million worth of Ethereum during a period of market volatility. This acquisition brings its total Ethereum holdings to approximately 4.47% of the total circulating supply, making it the largest single corporate holder of the asset on record. The purchase comes as the Ethereum Foundation and other institutional holders are being forced to liquidate or freeze their reserves due to market conditions.
Key quotes
· 4 pulledBitMine extended its aggressive corporate asset accumulation on Saturday, finalizing a $50 million purchase of Ethereum.
The transaction occurred during a sustained period of market volatility that has forced the Ethereum Foundation and other institutional holders to liquidate or freeze their reserves.
The latest acquisition pushes BitMine's total holdings to roughly 4.47% of the total circulating Ethereum supply.
The firm now holds the largest single corporate concentration of the asset on record, transitioning fully from its origins as a Bitcoin mining operation into an institutional Ethereum
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