Bitmine Expands Ethereum Holdings with $237 Million Purchase
Bitmine made its largest ETH purchase this year despite Tom Lee's slowdown suggestion

Image: Coindesk
Bitmine Immersion has acquired 111,942 ether (ETH) for approximately $237 million, increasing its total holdings to nearly 5.4 million ETH. Despite earlier suggestions of slowing purchases, Chairman Tom Lee views the recent price drop below $2,200 as a prime opportunity, aiming to control 5% of the supply by 2026.
- 01Bitmine's recent purchase is its largest since December, bringing its total ETH holdings to about 4.47% of Ethereum's circulating supply.
- 02The firm's total crypto and cash assets now amount to $12.3 billion.
- 03Bitmine has staked over 4.7 million ETH, generating an annualized staking revenue of approximately $276 million.
- 04Chairman Tom Lee emphasized the strategic nature of the purchase, capitalizing on ETH's price drop.
- 05The company plans to corner 5% of the total ether supply by 2026.
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Bitmine Immersion, led by Chairman Tom Lee, has made a significant move by purchasing 111,942 ether (ETH) for around $237 million, marking its largest acquisition this year. This purchase increases Bitmine's total holdings to nearly 5.4 million ETH, which constitutes about 4.47% of Ethereum's circulating supply. Despite earlier indications of a slowdown in purchasing, Lee stated that the recent dip in ETH prices, falling below $2,200, presents a favorable opportunity for acquisition. The company aims to reach its target of controlling 5% of the total ether supply by 2026. Currently, Bitmine's total assets, including crypto and cash, stand at $12.3 billion, with more than 4.7 million ETH staked, generating an annualized staking revenue of approximately $276 million. This strategic purchase reflects Bitmine's ongoing commitment to expanding its cryptocurrency portfolio amid fluctuating market conditions.
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