Bitmine buys $81M of ETH
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- BitMine Immersion Technologies (NYSE:BMNR) bought 32,447 Ethereum (CRYPTO:ETH) worth about US$81.2 million last week.
- The purchase lifted its holdings to 5.85 million ETH, worth about US$14.6 billion.
- Chairman Tom Lee said ETH’s 30% weekly gain could signal a larger move ahead.
BitMine Immersion Technologies bought 32,447 Ethereum (CRYPTO:ETH) worth about US$81.2 million last week.
The purchase was its largest weekly haul since early July and lifted its holdings to 5,847,611 ETH.
Bitmine said its ETH holdings now represent about 4.8% of Ethereum’s 120.7 million token supply.
“In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH,” said Tom Lee, chairman of Bitmine.
The company had slowed its purchases in recent months as it moved closer to its 5% Ethereum ownership target.
Following the announcement, Bitmine shares were up 3.5% in pre-market trading as ETH moved above US$2,500.
Bitmine has staked 5.07 million ETH, or about 87% of its holdings, and projects about US$330 million in annual staking revenue.
At the time of reporting, Ethereum price was $2,498.92.
