Bitmine Nears 5% ETH Target after $69.5M Purchase

Bitmine Immersion Technologies has made another significant purchase of Ether (ETH), buying 28,086 units worth around $69.5 million. This acquisition brings the company's total holdings to 5.93 million ETH at an average price of $2,495 per unit.

The purchase is part of Bitmine's goal to accumulate 5% of the total Ether supply within 15 months. With this latest acquisition, the company has completed 97% of its target. The company now holds 4.9% of Ethereum's 120.7 million circulating supply.

The NYSE-traded BMNR stock price was down more than 2% at Tuesday's market open, extending its year-to-date decline into double digits. Tom Lee, chairman of Bitmine, has previously stated the company's goal to accumulate a significant portion of the total Ether supply.