BitMine Pushes Ethereum Holdings Past 5.8 Million with Latest $14M Buy
BitMine continues to aggressively buy Ethereum (ETH) and stake it, pushing its total ETH holdings past 5.8 million. The company's latest purchase of 7,391 ETH added about $14 million to its portfolio, but the price increase alone accounted for more than double that amount.
The Ethereum price rose by 2.6% to $1,928 during the same period, adding an estimated $280 million to BitMine's total value. This is not a new trend; last week, BitMine bought 10,399 ETH, and its staking numbers have been steadily increasing.
BitMine now controls around 4.8% of the total Ethereum supply, which sits at approximately 120.7 million ETH. Its target of holding 5% of the total supply is still 229,800 ETH away, but at the current pace, it's expected to reach this goal in about 31 weeks.
The company has been using its cash reserves aggressively, with a 78% decline over the past month from $482 million to $104 million. Despite this, BitMine remains committed to its strategy of staking and buying back shares.