Bitmine Surpasses 6 Million ETH Milestone with $46M Purchase

Bitmine Immersion Technologies has surpassed another milestone by holding over 6 million ETH after adding more than $46 million worth of ether in the last week. The company's holdings now total 6,001,302 ETH valued at around $16 billion based on a recent price of $2,681 per coin.

This is a significant achievement for Bitmine, which has accumulated this total in under 15 months. Chairman Tom Lee stated that 'Bitmine's total ETH holdings now exceed 6 million... This is a tremendous achievement, accumulating this total in under 15 months.'

Lee also mentioned that the company is seeing positive network effects from its growing ether holdings, which now account for nearly 5% of the total ether supply. With only a little more than a week left in the third quarter, Lee expects institutions to add to their crypto exposure.