Bitmine has purchased $131 million worth of Ethereum, marking the company’s largest Ether acquisition since June, according to Decrypt. The transaction brings the firm’s total holdings to 5.9 million ETH, equivalent to 4.9% of Ethereum’s supply. Bitmine chairman Tom Lee pointed to the cryptocurrency market’s strong third quarter in connection with the company’s growing Ether position. The purchase adds to Bitmine’s exposure to Ethereum as the firm continues to build its holdings. The report did not provide further details on the transaction’s price or timing. Ethereum is the primary market asset affected by the move, while Bitmine’s accumulation remains the central development for traders tracking institutional or corporate cryptocurrency holdings.
