Bitmine Accelerates Ethereum Purchases in August
Bitmine Immersion Technologies accelerated its purchase of Ethereum during the final week of August, acquiring 53,501 ETH at a cost of $131.3 million. This marked Bitmine's largest weekly Ethereum buy since June and brought its total holdings to 5,901,112 ETH valued at approximately $14.5 billion as of the current price. The company now owns 4.9% of Ethereum’s circulating supply of 120.7 million tokens, falling short by about 134,000 ETH from its self-imposed goal of owning 5%. Bitmine has staked 86% of its holdings (5.07 million ETH), expecting to earn $335 million in annualized staking revenue. Ethereum's price rose by 55% during August, outperforming U.S. stocks for the first time in months. Meanwhile, Bitmine’s stock has declined by 44% over the past year.
Tickers: $BMNR
Topics: Bitmine Immersion Technologies crypto purchases Ethereum stakeholding