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Bitmine adds 53,501 Ether to holdings
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Bitmine adds 53,501 Ether to holdings

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  • Bitmine Immersion Technologies (NYSE:BMNR) bought 53,501 Ether last week, extending its buying streak to 65 weeks.
  • The purchase lifted its holdings above 5.9 million ETH, worth about US$14.8 billion.
  • Bitmine now holds 4.9% of Ethereum’s circulating supply, while its shares rose 1.3% to US$24.09.

Bitmine Immersion Technologies bought 53,501 Ether (CRYPTO:ETH), extending its accumulation streak to 65 consecutive weeks.

The purchase lifted Bitmine’s holdings above 5.9 million ETH, valued at about US$14.8 billion using an Ether price of US$2,511.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” said Tom Lee, Bitmine’s chairman.

Bitmine now owns 4.9% of Ethereum’s 120.7 million circulating supply, bringing it closer to its stated 5% ownership goal.

The company was sitting on about US$5.1 billion in unrealised Ether losses, according to DropsTab, reflecting purchases made during the market downturn.

Following the announcement, Bitmine Immersion Technologies shares were up 1.3% at US$24.09 on Monday morning, according to Yahoo Finance data.

Lee said Ether, Bitcoin (CRYPTO:BTC) and Solana (CRYPTO:SOL) had been the three best-performing major assets since June 30, with Ether leading the gains.

At the time of reporting, Ethereum price was $2,466.92.

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