Bitmine Closes In On 5% Ethereum Target After Fresh Buy and Share Purge

Bitmine Immersion Technologies has significantly expanded its Ethereum holdings, adding 9,946 ETH and retiring 6.1 million shares in the process.

This brings Bitmine's treasury to 5.79 million tokens, representing roughly 4.8% of the estimated 120.7 million-token supply.

The company's chairman, Tom Lee, referred to this buyback as 'the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury'.

Bitmine is now 96% of the way toward its goal of holding 6.035 million ETH, with approximately 247,586 tokens still needed to reach this target.