Bitmine buys an additional $42.41M in ETH over past week

Bitmine (BMNR), a company focused on accumulating Ethereum (ETH), announced it has purchased an additional 27,084 ETH over the past week, valued at $42.41 million. According to the company, it now holds 5,700,040 ETH as of June 29, representing 4.7% of the total ETH supply. In response to ETH's 8% price decline over the same period, Bitmine Chairman Tom Lee suggested the drop was likely due to investors engaging in window dressing ahead of the quarter-end. He noted this practice involves selling off assets that have underperformed over the last three months.