BitMine Closes in on 5% ETH Target with Latest Purchase

BitMine Technologies has continued its Ethereum buying spree, acquiring an additional 7,391 ETH during the last week. This brings the company's total holdings to 5,805,238 ETH, representing approximately 4.8% of Ethereum's stated 120.7 million supply.

The move leaves BitMine close to its long-term target of holding 5% of all ETH. As part of its strategy to increase crypto asset exposure per share, the company combines continued ETH accumulation with staking a large portion of those holdings and repurchasing BMNR shares when management considers the stock undervalued.

Tom Lee, Chairman of BitMine, highlighted Ethereum's recent strength against Bitcoin, which has driven the firm's purchases. The company now holds 209 BTC as part of its cryptocurrency portfolio.