Bitmine Approaches 5% of Ethereum Supply with Recent Acquisition
- Bitmine Immersion Technologies added $41 million worth of ether last week, totaling over $16.2 billion in ETH holdings.
- The company now holds more than 6.016 million ETH, representing over 4.9% of the current supply.
- Chairman Tom Lee highlighted Bitmine’s share price outperformance during the bear market, with BMNR shares declining only by 3% compared to a broader ETH decline of about 10%.
- Bitcoin treasury firms Strategy and Strive also announced BTC acquisitions, with Strategy adding $28.7 million worth and Strive acquiring approximately $169 million worth last week.
Bitmine’s recent purchase brings them closer to their goal of holding a significant portion of the Ethereum supply, highlighting their strategic positioning in the crypto market despite macroeconomic challenges. Meanwhile, other treasury firms like Strategy and Strive are also expanding their Bitcoin holdings significantly.
With Bitmine nearing its target of controlling nearly five percent of the Ethereum supply and other firms increasing their Bitcoin reserves, these moves underscore a robust confidence in cryptocurrency as a valuable asset class amid fluctuating market conditions.(Source)
