Bitmine Continues ETH Purchases, Nears 6 Million Goal

Bitmine, an Ethereum-focused institutional treasury company, has continued its weekly purchases of ETH. Last week, it acquired 27,180 Ethereum worth approximately $68 million, bringing its total reserves to 5,956,378 ETH.

The purchase was made while the Ethereum price hovered around $2,500. Bitmine's goal is to collect 6.1 million ETH, which represents about 5% of the total supply.

To reach this level, the company needs to buy approximately 144,000 more ETH.

Bitmine Chairman Tom Lee also highlighted Ethereum's performance against Bitcoin, noting that the ETH-BTC ratio has reached its highest level since January 30 and broken a downward trend.