bitmine just bought 200k eth during the crash. heres why that actually matters

while most traders were panic selling over the weekend, bitmine was doing the opposite, buying hard. the company picked up around 202,000 ethereum, worth roughly 827 million dollars, at an average price near 4,150 per token. that brings their total holdings to just over 3 million eth, or about 2.5 percent of the circulating supply.

bitmine’s been stacking ethereum all year. they call it their “alchemy of 5 percent” plan, basically a long term goal to own five percent of all eth in circulation. this latest purchase gets them more than halfway there.

tom lee, bitmine’s chairman, said the buy was intentional. he explained that big crashes create forced selling and that volatility makes good assets trade below what they’re really worth. in plain english, when the market’s scared, that’s when smart money buys.

bitmine’s move also comes right after that 19 billion dollar liquidation wiped out overleveraged traders. instead of seeing it as a warning, they saw it as an opportunity. that’s real conviction.

it’s worth noting though, their stock is still down about 11 percent this week, partly because of short sellers betting against them. but you don’t drop nearly a billion dollars into ethereum if you think the market’s dying.

if anything, this kind of institutional buying helps build a price floor. it tells the market that long term players still believe in ethereum, even when everyone else is panicking.