Bitmine Closes in on 5% Ether Supply Target with Latest 28K ETH Purchase

Bitmine Immersion Technologies has made another large acquisition of Ether (ETH) to bring its total holdings closer to 5% of Ethereum's total supply. The company purchased 28,086 ETH last week, valued at approximately $69.5 million, and now holds a total of 5.93 million ETH.

The purchase brings Bitmine's treasury accumulation towards its goal of reaching 5% of the total Ether supply within 15 months. According to the company's announcement, it has completed 97% of this effort so far.

Bitmine reported $15.7 billion in total assets, including $593 million in marketable securities and 5.1 million staked ETH, which is expected to produce $330 million in annualized staking revenue. However, the company faces $5.1 billion in unrealized losses on its ETH exposure.