Bitmine Snaps Up Another $81M in Ethereum Amid Price Surge

Bitmine Immersion Technologies has purchased another $81 million in Ethereum (ETH), bringing its total holdings to over $15 billion. This latest buy is part of the company's goal to own 5% of Ethereum's supply, which would require it to acquire approximately 6.04 million ETH.

The purchase comes amid a surge in Ethereum's price, with ETH currently trading at just under $2,500 and up nearly 3% in the last day alone. In contrast, Bitcoin (BTC) has gained around 24% in the same period.

Chairman Tom Lee noted that this week's gains are reminiscent of two previous instances where Ethereum saw a weekly gain of over 30%, signaling a launch point for a larger move in ETH. He attributed these gains to easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds.

Bitmine has already staked 87% of its ETH holdings, valued at around $15 billion, and projects annual staking revenue of $330 million.