Big Move: Company Snaps Up More Ethereum Amid Market Dip

A company called BitMine made a big bet on Ethereum. They bought a lot of it when prices were low. Now, they own over 4 million ETH. That's a big deal because it's about 3. 37% of all the Ethereum out there. BitMine didn't stop there. They also have $1 billion in cash. That's a lot of money! Their Ethereum stash alone is worth over $12 billion. That makes them the biggest known holder of Ethereum among publicly traded companies.While others were selling, BitMine kept buying. They did this even when crypto prices were dropping. Last week, they bought 98, 852 ETH. That's worth about $300 million. They're aiming to own 5% of all Ethereum. But, they're sitting on big losses because prices have dropped a lot. Ethereum's price dropped from $3, 170 to below $2, 800 last week. But it bounced back above $3, 000. This helped BitMine's shares go up. They rose 4. 5% in pre-market trading after a 10% bounce on Friday. BitMine's last purchase was a bit less than the week before. But they're still on track to reach their goal. They bought 138, 000 ETH the week before. But they're still sitting on over $3 billion in losses.