Bitmine Closes In on 5% Ethereum Supply Target with $69.5M ETH Purchase
Bitmine Immersion Technologies has made significant strides in accumulating Ether (ETH) as part of its goal to reach 5% of Ethereum's total supply. The company recently purchased 28,086 ETH at an average price of $2,495 per token, bringing its total holdings to 5.93 million tokens.
This acquisition is part of a larger campaign led by chairman Tom Lee, with the goal of positioning Bitmine's treasury for staking-linked yield. The company has now completed 97% of its target within the 15-month timeframe it initially set out.
The purchase is worth approximately $69.5 million and extends Bitmine's streak of periodic ETH buys. However, despite the aggressive accumulation plan, the company faces $5.1 billion in unrealized losses on its Ether holdings due to recent market weakness.