Bitmine's Ethereum Buying Spree Continues Unabated Amid Market Rally

Bitmine's Ethereum buying spree continues to show no signs of slowing down. The company purchased 32,447 Ether (ETH) last week, bringing its total holdings to 5,847,611 ETH, or roughly 4.8% of Ethereum's circulating supply.

This marks the 14th consecutive month that Bitmine has bought ETH, with the latest purchase coinciding with a sharp rally across the cryptocurrency market. Ether (ETH) has outperformed Bitcoin since last Wednesday, when the US Treasury announced plans to double its monthly purchases of certain longer-dated US Treasurys.

As a result, ETH prices have broken above $2,500 for the first time since January, with Bitmine's investment now valued at more than $19.5 billion in its Ether treasury.