Bitmine continues to actively buy ether, taking advantage of the fall in the crypto market. The company’s plans inсlude the creation of a long-term reserve in ether, which will amount to 5% of the coins in circulation. Bitmine finances these purchases by raising capital and staking rewards.
Tom Lee, Chairman of the Board of Directors of Bitmine and co-founder of Fundstrat, explained that the weakness of the crypto market is due to a lack of liquidity among the main market makers. Market pressure will begin to subside in a couple of weeks, and bitcoin and ether serve as early indicators of a liquidity shortage, so the situation should improve when market makers resume business as usual.
