BitMine Immersion Technologies, led by investor Tom Lee, has acquired an additional $197.64 million worth of Ethereum, indicated by on-chain data through four newly established wallets. This purchase comes amidst a downturn for Ethereum, which has seen prices hover around the $2,100 mark. The crypto mining firm recently added 89,026 ETH, raising its total holdings to 5,206,790 ETH, alongside a treasury that includes $775 million in cash and various other assets. Notably, about 4.71 million ETH of BitMine’s holdings are staked, generating an annualized staking revenue of $319 million. On-chain analytics firm Lookonchain also observed that an early Ethereum adopter has taken advantage of the price dip to re-enter the market, purchasing 1,951 ETH for approximately $2,182 each. As of now, Ethereum is trading at $2,180.
