Bitmine has acquired 126,971 ETH for approximately $207 million, expanding its total treasury holdings to 5.54 million tokens valued at around $9 billion. The purchase comes as ether trades nearly 30% below its April highs, signaling a deliberate accumulation strategy during a market downturn. Fundstrat co-founder Tom Lee has described the broader crypto selloff as 'superficial,' suggesting the decline lacks fundamental justification and may be short-lived. Bitmine's aggressive buying mirrors the treasury accumulation strategy popularized by MicroStrategy in Bitcoin, applied here to Ethereum. The move positions Bitmine as one of the largest institutional holders of ETH, reinforcing growing corporate interest in Ethereum as a reserve asset despite ongoing price weakness across digital asset markets.
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