Bitmine Reduces Ether Purchases While Aiming for Significant Holdings
- Bitmine Immersion Technologies purchased only 26,659 ETH last week, down from over 100,000 tokens weekly.
- The company aims to acquire 5% of Ethereum’s circulating supply of approximately 120.7 million tokens by the end of the year.
- Bitmine has staked over 4.7 million ETH and anticipates annual staking rewards of around $352 million.
- Since June 30, Bitmine’s holdings have reduced the available ETH supply by approximately 4.3%.
- Ether’s price fluctuated between $2,274 and $2,411 over the past week, remaining down about 52% from its all-time high of $4,946 in August.
Bitmine is adjusting its purchasing strategy while still targeting a significant share of Ethereum supply by the end of this year and plans to stake its entire Ether stash to enhance rewards and reduce market supply.
With a current stake exceeding four million tokens and a goal to own a notable percentage of Ethereum, Bitmine is positioning itself strongly in the crypto market.(Source)
