Bitmine announced that it bought 8,573 ether over the past week, bringing its holdings to 6,060,506 ETH, or about 4.9% of the circulating supply. That puts it 99% of the way toward its self-imposed 5% target; the company has not said it has reached the target.
Bitmine reported that 5,227,037 ETH is staked, generating an estimated $358 million a year at prevailing yields. Chairman Tom Lee said ether’s roughly 4% decline after a reported $6.3 billion Binance theft suggested greater market resilience, but that was his interpretation of the price move.
