Bitmine Doubles Down on Ethereum with $81M Purchase Amid Strong Rally

Bitmine Immersion Technologies has made its largest Ethereum purchase in weeks, buying 32,447 ETH worth around $81.2 million last week.

This move comes at a time when ether itself is experiencing a significant rally, up about 30% over the past seven days.

According to CoinDesk, Bitmine's latest purchase marks its largest single-week addition since early July and brings the company's total Ethereum holdings to nearly 5.85 million tokens, valued at roughly $14.6 billion.

The firm now controls about 4.8% of Ethereum's 120.7 million token supply and needs approximately 187,000 more ETH to reach its goal of owning 5% of the network.