Bitmine Buys Another $81M in Ethereum as ETH Outperforms Bitcoin
Bitmine Immersion Technologies bought another 32,447 ETH last week, adding about $81 million to its position and bringing total holdings to 5,847,611 ETH, worth roughly $15 billion. With Ethereum’s supply near 120.7 million tokens, Bitmine is about 187,000 ETH short of its goal of owning 5% of all ETH, or about 6.04 million tokens. The purchase comes as ETH has surged sharply, rising about 31.5% over the past week and trading just under $2,500. Prediction markets have also turned more bullish, with traders now favoring ETH reaching $3,000 before $1,500. Bitmine has been accumulating ETH since last summer and has already staked 5,067,309 ETH, or 87% of its holdings. It expects about $330 million in annual staking revenue. The company says reaching 5% is its own target and would not give it control over Ethereum’s network or governance.
