Bitmine Immersion Technologies adds 126.97K Ethereum to its holdings amid a broader market decline.
Bitmine Immersion Technologies (BMNR) acquired 126.97K Ethereum (ETH) valued at $213M last week, increasing its total ETH holdings to 5.54M. The purchase occurred as Ethereum fell 14% over the same period, though the token later recovered nearly 5% to $1,694.23.
Ethereum’s weekly decline contrasted with BMNR’s accumulation, signaling a contrarian bet during the downturn. The firm’s move follows a pattern of large-scale purchases during market pullbacks, though prior holdings data was not disclosed.
No immediate market reaction was specified, but the transaction underscores institutional interest in ETH despite short-term volatility.