Bitmine Nears Ethereum Holdings Target with $41M Purchase
- Bitmine purchased an additional 15,112 Ethereum (ETH) valued at approximately $41 million.
- The company now holds a total of 6,016,414 ETH, worth about $16.4 billion, representing roughly 4.9% of Ethereum’s total supply.
- Chairman Tom Lee stated that a crypto bull market is “underway,” citing ETH’s outperformance of the S&P 500 by over six thousand basis points this quarter.
- Bitmine’s total asset holdings amount to $17.4 billion, including cash and other investments.
- The company has staked about 84% of its ETH holdings through its MAVAN platform for projected annualized revenue of $363 million.
Bitmine Immersion Technologies continues its aggressive acquisition strategy to reach its “Alchemy of 5%” goal in Ethereum holdings, having acquired nearly all the targeted amount within just over a year since launching its treasury strategy in June last year.
