Bitmine Acquires $233 Million in Ethereum, Nears 5% of Total Supply
- Bitmine acquired 101,627 ETH worth $233 million from Bitgo, marking its largest weekly purchase of the year.
- The acquisition brings Bitmine’s total ether holdings to approximately 4.97 million ETH.
- Three newly created wallets received the ether, aligning with Bitmine’s strategy for managing new acquisitions separately.
- Bitmine is close to holding nearly 5% of Ethereum’s circulating supply.
- Approximately 68% of Bitmine’s holdings are currently staked, generating significant annualized revenue.
The recent acquisition by Bitmine underscores its aggressive accumulation strategy and positions it as a major player in the Ethereum market. The use of new wallets for this purchase reflects its approach to simplify staking management and auditing processes for institutional observers.
With this purchase, Bitmine is on the verge of controlling a substantial portion of Ethereum’s supply, highlighting its growing influence and strategic positioning within the cryptocurrency space. (Source)
