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HONG KONG — BitMine has continued purchasing Ether through the ongoing market downturn, pushing its total holdings toward the $10 billion threshold and accumulating a position that now represents nearly 5% of Ethereum's entire circulating supply — a concentration that ranks among the most significant institutional stakes in any major digital asset.
Buying Into the Decline The company pressed ahead with acquisitions as prices fell, treating the bear market as a window to build rather than a signal to retreat.
The strategy mirrors the countercyclical treasury approach that gained broader credibility in traditional markets, where institutional buyers accumulate during drawdowns in anticipation of a mean reversion that slower-moving participants miss.
At nearly one-twentieth of all Ether in circulation, BitMine's hoard carries both strategic weight and concentration risk.
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