Bitmine buys 28k ETH, completes 97% of treasury accumulation goal
Bitmine Immersion Technologies, the largest corporate Ether holder, bought another 28,086 ETH last week for about $69.5 million, raising total holdings to 5.93 million ETH at an average cost of $2,495 per coin. The company said its assets total $15.7 billion, including $593 million in liquid assets and 5.1 million staked ETH, which it expects to produce about $330 million in annualized staking revenue. Bitmine says it has now completed 97% of its target to accumulate 5% of Ether’s total supply within 15 months, and its holdings now represent about 4.9% of circulating ETH. Despite the accumulation strategy, the company is sitting on $5.1 billion in unrealized losses as Ether remains down for the year, and BMNR stock was also lower on the day.
