Bitmine Closes in on Ether Accumulation Goal with $69.5M Purchase

Bitmine Immersion Technologies has made another significant purchase of Ether (ETH), buying 28,086 units last week for approximately $69.5 million. This acquisition brings Bitmine's total holdings to 5.93 million ETH, acquired at an average price of $2,495 per ETH.

The company, led by chairman Tom Lee, aims to accumulate 5% of the total Ether supply within 15 months. With this purchase, they have now completed 97% of their goal, according to a recent announcement.

Bitmine's treasury currently holds $15.7 billion in assets, including $593 million in marketable securities and cash. They also hold other crypto holdings and 5.1 million staked ETH, which is expected to generate $330 million in annualized staking revenue.