Bitmine Charging Toward 5% Ethereum Ownership Milestone
Bitmine is aggressively buying Ethereum (ETH) as it nears its goal of owning 5% of the entire ETH supply. The company has accumulated over $48 million in ETH in just 50 minutes and has bought a total of 32,447 ETH last week, bringing its holdings to around $15 billion.
The wallets used by Bitmine match its usual pattern of using new addresses, large round-number transfers, and purchases through Kraken, Coinbase, and FalconX. Bitmine wants to own 5% of Ethereum's total supply, equal to roughly 6.04 million ETH, with nearly 5.85 million ETH already held.
The accumulation has been building steadily since March, when Bitmine held around 4.66 million ETH. The company expects about $330 million in annual staking revenue from its holdings, with around 87% or 5.07 million ETH being put to work.