BitMine Don Raise ETH Reserves Reach 3.4M (≈$12B), Shares Drop 8%
BitMine don expand dia Ethereum holdings by 82,353 ETH, bring total to 3.4 million ETH (≈$12 billion). Di firm still get 192 BTC, $62 million stake for Eightco Holdings (wey dem issue Worldcoin), plus $389 million cash. Dis Ethereum reserve now be 2.8% of ETH total supply, make BitMine biggest corporate Ethereum investor and second biggest crypto reserve after MicroStrategy. As part of im Moonshot program, BitMine first invest $20 million for Eightco $270 million PIPE. Backers na Bill Miller III, Cathie Wood’s Ark Invest, Peter Thiel’s Founders Fund, DCG, Galaxy Digital, Kraken, and Pantera Capital. Even with asset boost, BitMine shares drop 8.12% to $42.86 because market no too steady, with five-day average daily turnover of $1.5 billion. Management still dey target to hold 5% of Ethereum supply, dem see ETH as major macro trade for next ten years.
Bullish
Dis news dey show say institutional demand for Ethereum dey grow, as BitMine don become di biggest corporate ETH holder. Di increase for Ethereum reserves mean say people get strong long-term belief for ETH value, e fit make di price go up. Even though BitMine share price drop small because market weak, di 3.4 million ETH wey dem accumulate (2.8% of supply) show say demand still dey strong. For short term, market fit get small wahala around equity performance, but di long-term outlook for ETH still dey positive because of big corporate adoption and smart reserve expansion.