Bitmine Doubles Down on Ethereum Staking with $47 Million Acquisition

Bitmine Immersion Technologies has significantly boosted its Ethereum holdings by acquiring $47 million worth of ETH. The company bought 17,362 Ether during the week ended September 27, bringing its total to 6,001,302 ETH, which accounts for approximately 4.9% of Ethereum's stated supply.

The purchase was made at a price of $2,698 per ETH. This acquisition has brought Bitmine's holdings value to roughly $16.2 billion as of September 27 at 3 p.m. ET (19:00 UTC).

Bitmine has taken an aggressive approach to staking, with 5,067,309 ETH held in its stash, which is equivalent to 84% of its total holdings.

The company's annualized staking revenue projection is $358 million based on a seven-day yield data. However, it is essential to note that this estimate reflects projections and not realized annual revenue.