Bitmine Nears 5% Ether Target with $69.5M Purchase

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

The company, led by chairman Tom Lee, announced a 53,501 ETH purchase last week, which brought its holdings to account for 4.9% of Ethereum's 120.7 million circulating supply.

Bitmine has completed 97% of its goal to acquire 5% of the total Ether supply within 15 months and now holds the largest publicly listed Ether treasury in the world.