BitMine Bolsters Ethereum Holdings Amid Strengthening Crypto Market

BitMine Immersion Technologies has made another significant purchase of Ethereum (ETH), acquiring approximately $19.4 million worth of the asset over the past week.

The latest buy, which took place in addition to repurchasing 6.1 million shares of its common stock, increased BitMine's ETH holdings to 5,787,414 units valued at around $11.3 billion based on an ETH price of $1,948 as of July 26.

This purchase brings the company's total share of Ethereum's supply to approximately 4.8% and has it well on its way to reaching its target of owning 5% of all ETH, with a current pace of 96% completion.

Chairman Tom Lee explained that BitMine accelerated its buyback due to the rising Ethereum to Bitcoin ratio indicating strengthening crypto prices.