BitMine Continues to Scoop Up ETH Despite Market Grind

BitMine Immersion Technologies continues to accumulate Ethereum (ETH) despite the market's range-bound grind, adding 53,501 ETH last week and pushing its total holdings to 5.901 million ETH worth around $14.63B at current prices.

This was BitMine's largest weekly acquisition since June, with a valuation of roughly $14.35B or 4.89% of the total ETH supply.

Chairman Thomas Lee cited Ethereum's Q3 outperformance versus the S&P 500 as a reason for the purchase and highlighted the potential institutional catalyst of the mid-September Senate cloture vote on the CLARITY Act.

The acquisition pattern now sits alongside a 5.067 million ETH stake in BitMine's MAVAN validator network, generating an estimated $335 million in annualized staking revenue.