Bitmine’s Ether Accumulation Approaches Strategy’s Bitcoin Buying Rate
- Bitmine Immersion Technologies purchased 101,901 ether (ETH) for approximately $234 million last week.
- This purchase marks Bitmine’s largest weekly accumulation in recent months, following a four-month buying trend.
- Bitmine now holds over five million ETH, representing about 4.21% of the total circulating supply.
- The firm’s strategy has generated approximately $264 million in annualized revenue from staking around 73% of its holdings.
- In contrast, Strategy typically buys between $200 million to $300 million worth of Bitcoin weekly.
Bitmine’s recent purchasing activity indicates a significant shift in corporate cryptocurrency accumulation strategies, as it aligns closely with Strategy’s established pace despite market fluctuations.
With Bitmine’s recent acquisition of $234 million in ether, it is now becoming a major player alongside Strategy in the corporate crypto buying landscape.(Source)
