Bitmine Nears Ethereum Supply Goal with Latest Purchase
- Bitmine acquired an additional 27,562 ETH, increasing its total holdings to approximately $16.1 billion.
- The company now holds 5,983,940 ETH, representing about 4.9% of the total Ethereum supply.
- Chairman Tom Lee stated that a crypto bull market has been underway since late June.
- Bitmine’s total assets, including cash and other investments, reached $17.1 billion.
- Approximately 85% of Bitmine’s Ethereum holdings are staked for projected annual revenue of $357 million.
Bitmine continues to expand its Ethereum holdings as part of its strategy to control at least five percent of the network’s supply, a goal it terms “Alchemy of 5%.” This recent purchase underscores Bitmine’s commitment to its treasury strategy initiated in June.
With this acquisition, Bitmine remains the largest holder of Ethereum and the second-largest crypto treasury overall after Strategy, highlighting its significant influence in the cryptocurrency market. (Source)
