BitMine Immersion Technologies bought $73 million more ETH over the past week, lifting its holdings to 5,742,237 ETH, about 4.8% of Ethereum's circulating supply. The Tom Lee-chaired treasury company's staked ETH position held flat, and the firm remains on pace toward its stated goal of controlling 5% of total supply.
BitMine Immersion Technologies (NYSE: BMNR) bought 42,197 ETH worth roughly $73 million over the past week, according to the company's own holdings update posted Monday. The purchase lifts the Ethereum treasury company's total to 5,742,237 ETH, about 4.8% of Ethereum's circulating supply.
The company's own account put total crypto and other holdings at $11.1 billion, including the Ethereum position valued at $1,800 per coin. That total also includes 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). BitMine also holds $527 million in cash and marketable securities, per the same update.
BitMine's staked ETH total stood at 4,879,157, unchanged from the prior week, according to a tracker citing the company's disclosure. The firm did not add to its staking position even as its overall ETH balance grew.
The purchase extends a buildup that has made BitMine the largest corporate holder of ETH. The Defiant previously covered Lee's public defense of the company's funding model in June, after an insider warned of a cash gap.
BitMine remains on pace toward its stated goal of controlling 5% of ETH's total supply, a threshold the company has cited as a benchmark for its treasury strategy. The $73 million figure and the 4.8%-of-supply calculation were reported consistently across several independent market trackers, though BitMine's own post did not break out the weekly purchase amount separately from its cumulative total.
Source: The Defiant
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