BitMine Adds 7,391 ETH Amid Ongoing Expansion Plans

BitMine Immersion Technologies continued its Ethereum buying spree last week, acquiring an additional 7,391 ETH and increasing its treasury to approximately 5.81 million units.

This represents about 4.8% of Ethereum's total supply and puts BitMine 96% of the way toward its goal of owning 5% of the cryptocurrency.

According to an Aug. 10 company update, BitMine now holds around $11.6 billion in combined crypto, cash, and other assets, with its staked ETH valued at approximately $9.8 billion based on recent market prices.

The company's staking operations generated a seven-day annualized yield of 2.63%, projecting around $194 million in annual rewards if that rate holds.