Bitmine Immersion (NASDAQ:BMNR) bought 26,497 Ethereum (CRYPTO: ETH) worth roughly $53 million last week, cutting its weekly purchase pace by more than 75% after the prior week's 120,000 ETH haul. Firm Now Holds 4.49% Of Ethereum's Circulating Supply The latest purchase lifts Bitmine's total holdings to 5.42 million ETH, putting the firm about 90% of the way toward its stated goal of owning 5% of Ethereum's circulating supply.
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Bitmine Immersion Technologies (BMNR) has expanded its Ethereum holdings to an impressive 5.42 million ETH, which constitutes 4.49% of the cryptocurrency's total 120.7 million token circulation. With ETH trading at approximately $2,003 per coin, this strategic position translates to roughly $10.8 billion in value.
Bitmine slows ETH purchases after reaching 4.49% supply, holding 5.42M ETH while boosting staking revenue toward $300M yearly.
Bankless co-founder David Hoffman sold his entire Ethereum (CRYPTO: ETH) position and rotated into Zcash (CRYPTO: ZEC) and NEAR (CRYPTO: NEAR), saying ETH the asset has no clear path to being re-rated higher. Hoffman Separates The Network From The Asset Hoffman's core argument is that Ethereum's own roadmap is hurting ETH holders.
Bitmine bought 26,497 ETH last week, lifting holdings to 5.42M ETH, or 4.49% of supply, as its treasury nears its 5% target.
Bitmine Immersion Technologies disclosed total holdings of $11.6 billion across digital assets, cash positions, and strategic investments as BMNR stock demonstrated volatility. Shares concluded regular trading at $19.27, representing a modest 0.10% gain, before retreating 2.25% to $18.82 during pre-market hours.
The Ethereum treasury firm cut weekly purchases by more than 75% after the previous week's 112,000 ETH buying spree.
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