BitMine Reaches for 5% Ethereum Stash with Record-Breaking Buy
BitMine Immersion Technologies has continued its strong buying streak in Ethereum (ETH), acquiring another 53,501 units to bring its total holdings to approximately 5.9 million ETH.
This latest purchase extends BitMine's weekly buying streak to 65 weeks and puts the company within reach of its target to hold 5% of Ethereum's total supply.
According to a recent disclosure, BitMine currently holds about 4.9% of Ethereum's total supply, with around 5.07 million ETH worth roughly $12.7 billion staked to generate an estimated annual reward of $390 million at a 2.63% yield over seven days.
Chairman Tom Lee highlighted the resilience of crypto assets in the third quarter, stating that 'the top 3 performing assets since June 30th are ETH, BTC and SOL'.