The buy lifted the treasury company's total holdings to roughly 5.39 million ETH, deepening its long-term bet on ethereum.
The purchase came while ether was down, the behavior of a buyer working to a multi-year thesis rather than chasing momentum.
One large buyer adds demand at the margin, but price is set by all participants. Ether did not rally on the news.
Conviction is not confirmation. Treasury-company stocks are leveraged bets on the underlying asset and carry its full volatility.
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