Bitmine Snaps Up More Ethereum, Closing in on 5% Target

Bitmine Immersion Technologies has significantly increased its Ethereum holdings, purchasing an additional 9,926 coins worth around $11 billion. This brings its total ETH stash to 5.815 million, representing about 4.8% of the entire ETH supply.

This move puts Bitmine close to its goal of owning 5% of the ETH supply, a target it has been working towards for months. The company's chairman, Tom Lee, stated that once all of Bitmine's ETH is fully staked through MAVAN and its staking partners, the projected reward could reach $287 million a year.

Bitmine has also been actively buying back its own shares as part of its $4 billion repurchase program. Since July 1, the company has repurchased over 20.8 million shares.