BitMine Doubles Down: Scoops Up 70,000 ETH Amid Treasury Bloodbath as Ethereum Tanks
When the crypto gods giveth, they taketh away—just ask BitMine.
The Bold Bet:
While Ethereum's price slide wiped millions off balance sheets last week, BitMine went full contrarian—snagging 70,000 ETH at what it clearly thinks is a fire-sale price. Treasury managers elsewhere are sweating into their spreadsheets.
Why It Burns:
Nothing says 'crypto winter' like watching your reserves evaporate faster than a DeFi rug pull. Yet here’s BitMine, treating the dip like a Black Friday doorbuster. Either genius timing or spectacular hubris—check back in six months.
The Bottom Line:
In crypto, 'diamond hands' either mint millionaires or become cautionary tweets. Meanwhile, traditional finance bros are still trying to short Bitcoin with ETFs.
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Earlier this year, BitMine also approved a share buyback program, making it one of the first digital asset treasuries to do so while continuing to accumulate Ethereum.
In addition to its massive ETH position, BitMine disclosed it holds 192 BTC, a $38 million equity stake in Eightco Holdings, and roughly $800 million in unencumbered cash. The company’s investor base includes major names such as Cathie Wood’s ARK Invest, DCG, Founders Fund, Galaxy Digital, and Pantera, as well as prominent individual investors including Bill Miller III and Tom Lee.
