BitMine Snaps Up Another 100k+ ETH, Boosts Staking Revenue

BitMine Immersion Technologies has continued its streak of massive Ethereum purchases. For the third consecutive week, the company acquired over 100,000 ETH, this time purchasing 101,745 tokens at an average price of $2,336 per token.

This acquisition brings BitMine's total holdings to 5,180,131 ETH, representing approximately 4.29% of Ethereum's circulating supply. The company is now 86% of the way toward its stated goal of accumulating 5% of the network's supply.

In a separate transaction, BitMine purchased 10,000 ETH directly from the Ethereum Foundation for $47 million, marking the second consecutive week it has made an over-the-counter purchase at this volume. The proceeds from these sales are funding operations and community grants.