Bitmine Approaches Ethereum Supply Goal with $52M Purchase
- Bitmine has purchased $52 million worth of Ethereum (ETH).
- The company aims to hold 5% of the total circulating supply of ETH, which is approximately 120.6 million tokens.
- After this latest acquisition, Bitmine is about 90% toward its target.
This significant purchase reflects Bitmine’s strategy to accumulate a substantial portion of Ethereum as it approaches its goal of holding a notable share of the market supply. The move comes amid discussions on the current strength and valuation of ETH in the broader cryptocurrency landscape.
With this latest investment, Bitmine is now close to achieving its aim of controlling a significant percentage of Ethereum’s total supply, holding nearly all required tokens for its target.(Source)
