Bitmine Acquires $135 Million in Ethereum Ahead of NYSE Listing
- Bitmine Immersion Technologies purchased 76,881 ETH for $135.6 million.
- Total Ethereum holdings now stand at approximately 5,620,754 ETH, about 4.66% of all Ethereum in circulation.
- The average purchase price for Ethereum was $1,718 per token.
- Bitmine’s staking infrastructure holds around $8.1 billion worth of ETH and generates over $200 million in annual rewards.
- The company is set to launch its Series A perpetual preferred stock on June 16 with a dividend of 9.50%.
This significant acquisition reflects Bitmine’s strategy to bolster its position in the Ethereum market amidst favorable conditions for accumulation as stated by Chairman Tom Lee.
With total crypto assets valued at approximately $10.4 billion, Bitmine’s latest move brings them closer to their goal of owning nearly five percent of the Ether supply.
