Crypto
BitMine's 6 Million ETH Stash Tops Market Gains Despite Geopolitical Tensions
BitMine Immersion Technologies (BMNR) has acquired an additional 17,362 Ethereum (ETH), boosting its stash above 6 million ETH. This purchase marks the company's 13th consecutive week of buying the top altcoin.
The Las Vegas-based firm's total ETH holdings now exceed 6 million, representing 4.9% of the 122.1 million ETH total supply. According to BitMine Chairman Thomas Lee, 'Bitmine's total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months.'
Ethereum exchange-traded funds (ETFs) saw $689.8 million in weekly net inflows last week, but geopolitical tensions weighed on the market. The US rejected Iran's ceasefire proposal to reopen the Strait of Hormuz over the weekend.