Bitmine Closes in on 5% Ether Target with Fresh $69.5M Acquisition
Bitmine Immersion Technologies has made another significant purchase of Ether (ETH), adding 28,086 units to its treasury at an average cost of $2,495 per ETH. The total value of this latest acquisition is approximately $69.5 million, bringing Bitmine's overall holdings to 5.93 million ETH.
This buy brings the company closer to its goal of acquiring 5% of Ethereum's total supply within a specified timeframe, with 97% of the target now achieved. The purchase is part of an ongoing accumulation strategy that has been driven by chairman Tom Lee and his team.
As Bitmine continues to accumulate ETH, it also holds significant staked Ether, amounting to 5.1 million units. According to the company's estimates, this will generate $330 million in annualized staking revenue.