BitMine Surpasses 4.8% of Ethereum Supply with Latest Acquisition

BitMine Immersion Technologies has made another significant purchase of Ethereum, buying an additional 32,447 Ether worth $81 million last week. According to Decrypto, BitMine's total Ether holdings now stand at 5,847,611, valued at $15 billion. This acquisition brings the company's share of Ethereum's supply to approximately 4.8 percent.

BitMine aims to secure around 5 percent of Ethereum's supply, which would be about 6.04 million Ether at current levels. The company has been steadily increasing its Ethereum holdings since last summer and has already exceeded its initial target of 1 percent in August 2023 and 2 percent in September that year.

BitMine has staked a significant portion of its Ethereum holdings, with around 87 percent, or 5,067,309 Ether, currently being staked. The company projects an annual staking income of $330 million.