Bitmine announced that it bought another 12,535 ETH, bringing its holdings to 6,041,481 ETH, or about 4.9% of ether’s circulating supply. It remains roughly 63,500 ETH short of its stated 5% target; chairman Tom Lee has said the company plans to stop buying when it reaches that target.
Bitmine reported staking 5,067,309 ETH, about 84% of its holdings, with estimated annualized rewards of $309 million. Lee attributed recent crypto price weakness partly to concerns about AI funding and safety, along with other pressures on investors’ appetite for risk.
