BitMine Buys Another 53,501 ETH as Ethereum Stash Blows Past 5.9M

The largest Ethereum accumulator has ramped up its efforts. The former bitcoin miner continues with its aggressive Ethereum purchases, acquiring more than 53,000 tokens over the past week as its massive treasury now contains 5.9 million ETH, equivalent to 4.9% of the asset’s total supply. At ETH’s reported price of just over $2,500 (Sunday data), Bitmine’s Ethereum holdings alone are worth nearly $15 billion. Ramping Up The purchase announced today is substantially larger than the recent ones, including the one from last week, which was for 32,447 ETH. In the past two weeks alone, the company has acquired almost 86,000 ETH. The firm now owns 5,901,112 tokens, which represents approximately 4.9% of Ethereum’s circulating supply of 120.7 million. Moreover, it puts Bitmine 98% of the way toward its self-described “Alchemy of 5%” goal of owning 5% of the entire Ethereum supply. What’s perhaps even more impressive is the highly consistent accumulation strategy. Even as other major crypto buyers, such as Strategy and Metaplanet, paused their acquisitions amid the market uncertainty, Bitmine purchased ETH during each of the past 65 weeks, as Chairman Tom Lee pointed out. Its first buy cam...