BitMine Buys More Ether Despite Market Strain

BitMine Immersion Technologies, a company focused on Ethereum, recently acquired nearly ninety-seven thousand more units of Ether, despite digital asset treasuries facing pressure from falling crypto prices. The companys shares dropped seven point seven percent before the market opened, as Ether itself fell six percent overnight. Despite unrealized losses of nearly four billion dollars on its existing Ether stash, BitMine remains one of the few companies actively purchasing more crypto, with a thirty-nine percent increase in weekly purchases. The companys CEO, Thomas Lee, cited current market conditions and an upcoming Ethereum network upgrade as reasons for increasing acquisitions.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.