BitMine Immersion Technologies bought 42,197 ETH worth roughly $73 million over the past week, lifting its treasury to 5,742,237 ETH. That stack equals about 4.8% of Ethereum's circulating supply, against the company's stated goal of controlling 5% of ETH's total supply. Its staked balance, meanwhile, did not move.
BitMine Immersion Technologies (NYSE: BMNR), the Ethereum treasury company chaired by Fundstrat's Tom Lee, 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 BitMine's total to 5,742,237 ETH, about 4.8% of Ethereum's circulating supply.
An $11.1 billion book behind the ETH position
BitMine's own account put total crypto and other holdings at $11.1 billion, including the ETH position valued at $1,800 per coin, 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). The company also holds $527 million in cash and marketable securities, per the same update.
Staked balance stays at 4,879,157 ETH
But the buying did not reach the staking side of the treasury. 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 company did not add to its staked position even as its overall ETH balance grew.
Buildup keeps BitMine on pace toward 5%
The purchase extends a buildup that has made BitMine the largest corporate holder of ETH. Lee publicly defended the company's funding model in June, after an insider warned of a cash gap. He has also framed crypto as a "wartime store of value" in prior remarks.
Therefore the weekly accumulation keeps BitMine 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. Several independent market trackers monitoring the disclosure reported the $73 million figure and the 4.8%-of-supply calculation consistently, though the company's own post did not break out the weekly purchase amount separately from its cumulative total.
Source: The Defiant
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