BitMine Rides Ethereum Wave with 9,946 ETH Purchase

BitMine Immersion Technologies made significant moves in its Ethereum holdings last week. The company purchased an additional 9,946 ETH during the previous week, bringing its total to 5,787,414 ETH. This represents approximately 4.8% of Ethereum's total supply.

This latest acquisition is part of BitMine's strategy to own 5% of all ETH in circulation and marks a continuation of the company's buying streak that began at the start of this year. The purchase came as Ethereum recovered above $1,900 and reached its highest price in ten weeks.

BitMine has staked 4,917,189 ETH, worth around $9.6 billion and representing about 85% of its total Ethereum holdings. This staking strategy allows the company to earn network rewards on its treasury assets but also leaves it exposed to changes in the ETH price.