Bitmine Continues Aggressive Ethereum Purchases, Approaches 5% Ownership Target
Bitmine Immersion Technologies has continued its weekly purchases of Ethereum (ETH) tokens, adding another 28,086 ETH last week to bring its total holdings to 5.93 million. This latest acquisition is valued at approximately $70 million, based on a reference price of $2,495 per token.
The company's crypto, cash, securities, and other investments now total $15.7 billion, according to Bitmine. The company has staked about 85% of its ETH holdings, with projected annual staking revenue of $330 million.
Bitmine Chairman Tom Lee stated that the company's track record of consistent buying of crypto is unmatched by any public company in the world. He noted that Ethereum was the best-performing major asset in the third quarter through last Friday, exceeding gains of the S&P 500 stock index by 54.3 percentage points.