Bitmine's $14.2M ETH Purchase Marks 58-Week Buying Streak

Bitmine Immersion (BMNR), a leading Ethereum treasury firm, has continued its accumulation of ether by purchasing another $14.2 million worth of ETH last week.

The company bought 7,391 ETH at an average price of $1,915, lifting its total holdings to over 5.8 million ETH, which represents around 4.8% of Ethereum's total supply.

This purchase marks the 58th consecutive week that Bitmine has increased its ETH holdings and comes after a year in which it accumulated over 100,000 ETH on a weekly basis.

In an earlier interview this year, Thomas Lee, chairman of Bitmine, noted that the firm would slow down its pace of crypto accumulation as it approaches its goal of owning 5% of ether's supply.