Bitmine Nears 5% ETH Ownership with Resumed Treasury Buying

Bitmine's ETH treasury buying has resumed, adding 9,926 Ether during the week ending August 16. The company now holds around 5.82 million Ether, which is approximately 4.8% of Ethereum's circulating supply.

The latest purchase brings Bitmine's Ether holdings close to its long-term goal of owning 5% of Ethereum's total supply.

At a reference price of $1,893, Bitmine's Ether stake is valued at around $11 billion. However, many of the company's ETH were acquired at significantly higher prices, highlighting the challenges faced by Ethereum treasury strategies during prolonged bear markets.