BitMine, the world’s largest corporate holder of Ether, made major headlines over the weekend by purchasing over $827 million worth of ETH following a market downturn, viewing it as an opportunity to buy at discounted prices.

The company stated they took a more aggressive approach during the market decline, resulting in total Ether holdings surpassing 3 million ETH, which constitutes approximately 2.5% of the overall supply. According to BitMine, they were able to acquire 202,037 ETH at an average price of $4,154 each, which increases their overall valuation to around $13.4 billion, incorporating both crypto and other assets.

This bold investment move has the potential to drive other corporate players in the crypto space to consider similar long-term accumulation strategies.

The recent purchases represent a significant step towards meeting BitMine’s treasury goals. Tom Lee, the chairman of BitMine and also the head of research at Fundstrat, commented,

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of.”

He added, “Volatility creates deleveraging… This creates advantages for investors, at the expense of traders.”

Despite BitMine’s increasing interest among traditional investors, their stock experienced an 11% decline over the last five days, particularly after Kerrisdale Capital expressed skepticism about their business model.