BitMine Nears 5% Ethereum Supply Threshold Amid Growing Interest

BitMine Immersion Technologies continued its Ethereum treasury expansion and share buyback program last week. The company purchased 9,946 ETH during the previous week, increasing its holdings to approximately 4.8% of Ethereum's total supply.

This acquisition brings BitMine close to its goal of owning 5% of all ETH in circulation.

The purchase was made as Ethereum recovered above $1,900 and reached its highest price in ten weeks.

Most of BitMine's ETH is generating staking rewards. The company has staked 4,917,189 ETH, worth around $9.6 billion and representing about 85% of its total Ethereum holdings.

Staking allows BitMine to earn network rewards on its treasury assets, but leaves its valuation heavily exposed to changes in the ETH price.