BitMine Immersion Technologies reportedly increased its Ethereum holdings during a recent market downturn. On-chain analyst Yujin identified four suspected company wallets withdrawing 89,026 ETH from Kraken and FalconX.
The withdrawn assets carry an estimated value of $198 million. This activity occurred as the price of Ethereum fell to approximately $2,200.
The move aligns with Bitmine’s stated strategy to operate as an Ethereum treasury for long-term investment. PANews and KuCoin first highlighted these transactions.