BitMine recently added 96,798 ETH to its holdings, bringing its total ETH reserves to 3,726,499. In addition to its ETH holdings, the company also possesses $882 million in cash. This latest acquisition occurred despite a general downturn in the cryptocurrency market, with Ethereum prices experiencing a decline. BitMine's strategic move is attributed to the upcoming Fusaka upgrade for Ethereum, expected improvements in network scalability and security, and potential shifts in Federal Reserve policy, including the end of quantitative tightening and anticipated interest rate cuts. The company aims to increase its ETH holdings to 5% of the total circulating supply.

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