I noticed something interesting today – BitMine just added a significant amount to their already large Ethereum stash. Lookonchain, a firm that tracks on-chain data, spotted the purchase, so it seems like they’re continuing to build up their position.
This news follows the company’s recent purchase of $237 million in Ethereum, their biggest weekly investment in the cryptocurrency so far this year.
BitMine tops up treasury with 25,000 ETH
BitMine bought another 25,000 ETH this week, spending $50.41 million based on the price of Ethereum at the time of the transaction, according to the latest data.
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The company bought the cryptocurrency by making one large transfer, taking a significant amount of Ethereum from Kraken, a major global cryptocurrency exchange.
BitMine still holds the world’s largest Ethereum reserves, and people in the crypto community are applauding the company for consistently buying more, even when the market is unstable, demonstrating their strong dedication.
This transfer happened as Ethereum has been showing signs of weakness. The price has had trouble staying above $2,000 during this period of ongoing market uncertainty.
Ethereum price outlook
As an analyst, I’ve been closely watching Ethereum after the recent market swings. Initially, I anticipated a potential bottom around $1,000 if the selling continued. However, we’re now seeing some early indications of a short-term recovery across the crypto market, and Ethereum has managed to stay above the $2,000 support level. If it can withstand this continued pressure, I believe Ethereum has the potential to break out to higher prices.
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2026-05-30 13:54