BitMine Closes in on 5% Ethereum Ownership with $75.2 Million Acquisition

BitMine Immersion Technologies has continued its aggressive purchase strategy for Ethereum, adding 27,562 ETH to its treasury in one week. The acquisition is valued at nearly $75.2 million, bringing BitMine's total holdings to approximately 5.98 million ETH.

This represents nearly 4.9% of the circulating supply and puts BitMine closer to its goal of owning 5% of the total Ethereum supply. At current prices, BitMine's treasury is worth around $16.3 billion.

The company has staked nearly 5 million ETH to participate in securing the Ethereum network and earn rewards, which it estimates will generate approximately $357 million per year at current returns.