BitMine Nears 5% ETH Target with $70M Purchase

BitMine Immersion Technologies has acquired 28,086 ETH for approximately $70.1 million.

This purchase takes the Ethereum Treasury company's total holdings to 5.93 million ETH, which is around 4.9% of the token's circulating supply.

Chairman Tom Lee remains bullish on ETH, citing positive crypto legislation, tokenization, and blockchain-based AI as market developments that support his optimism.

The company has been actively purchasing ETH since June 30, with its previous purchase adding 53,501 tokens to its holdings in August.