BitMine Immersion Technologies (NYSE:BMNR) bought 51,162 Ethereum (CRYPTO: ETH) for $98 million while Vitalik Buterin sold 1,869 ETH.
The Buying vs. Selling Divergence
BitMine’s latest purchase lifted total holdings to 4,422,659 ETH as of February 22, representing 3.66% of total supply.
The company has spent an estimated $16.4 billion building its Ethereum treasury, now worth roughly half that amount.
Chairman Tom Lee defended the accumulation during the “mini crypto winter,” arguing the price doesn’t reflect Ethereum’s high utility and role as the future of finance.
BitMine generates $171 million in annualized revenue via staking over 3 million ETH holdings at a 2.89% yield.
Meanwhile, Vitalik Buterin sold 1,869 ETH worth $3.67 million over the …