BitMine Buys the Dip: Snaps Up $417 Million in Ethereum

BitMine has made a massive move, adding 104,336 Ethereum (worth $417 million) to its corporate treasury this Wednesday. Blockchain trackers reported the purchase from exchanges Kraken and BitGo, though BitMine has not yet confirmed it.

This acquisition solidifies BitMine’s position as the world’s largest corporate holder of ETH, with its total stash now at 3.03 million coins valued at over $12 billion.

The move is a direct play towards the company’s declared goal of owning 5% of all Ethereum, a vision consistently promoted by its leader, Tom Lee, who champions ETH as the future “neutral” blockchain for institutions.