Bitmine Expands Ethereum Holdings with $123 Million Purchase
- Bitmine acquired 75,000 ETH for approximately $123 million on June 9, averaging around $1,640 per coin.
- The purchase was executed through Kraken and FalconX over an eight-hour window and distributed across three wallets.
- This acquisition increases Bitmine’s total holdings to over 5.4 million ETH, making it the second-largest public crypto treasury after Strategy Inc.
- Tom Lee’s “Alchemy of 5%” strategy aims to control more than five percent of all existing ether.
- Bitmine stakes a significant portion of its holdings via MAVAN, projecting annualized staking revenue close to $270 million.
Bitmine Immersion Technologies has expanded its ethereum treasury with a recent purchase of 75,000 ETH. This move aligns with Tom Lee’s strategic goal to control a substantial portion of the ether supply while leveraging staking revenues for additional income streams.
The company’s latest acquisition underscores its commitment to maintaining a leading position in the cryptocurrency market despite current price volatility in Ethereum. (Source)
