BitMine увеличила свои активы на $417 млн, приобретя Ethereum на фоне рыночной коррекции Translation: Headline: BitMine Boosts Its Assets by $417 Million, Acquiring Ethereum Amid Market Correction

BitMine Immersion Technologies has increased its reserves by acquiring 104,336 ETH, valued at $417 million, as reported by Lookonchain analysts citing Arkham data.

The funds were transferred in seven transactions to three new addresses from wallets belonging to the Kraken exchange and the BitGo custodian. The company has not officially confirmed the transaction.

As of this writing, BitMine holds 3.03 million ETH, equivalent to $12.18 billion, making it the largest corporate holder of Ethereum. The firm is led by Tom Lee, co-founder of Fundstrat.

The head of BitMine has consistently endorsed the second-largest cryptocurrency by market capitalization. In a recent CNBC interview, he predicted a «grand rally» for Bitcoin and Ethereum in the fourth quarter.

The $417 million purchase occurred amidst a market correction. Over the past week, the price of Ethereum has fallen by 9.7%, reaching $4,036. The asset is trading at 18.6% below its all-time high, according to CoinGecko.

Analysts note that despite a recent wave of liquidations, the fundamental indicators of the market remain strong, paving the way for potential growth.

“Crypto evangelists have been affected — they believe so strongly in cryptocurrency as an investment asset that they trade using leverage. These individuals aren’t going anywhere,” remarked Wincent Paul Howard, a senior director.

It’s worth mentioning that on October 13, BitMine purchased 202,037 ETH at a discount, capitalizing on the downturn in the digital asset sector.