Bitmine nears 5% of Ethereum supply after $70M buy

• Bitmine Immersion Technologies (NYSE:BMNR) has bought 28,086 Ethereum (CRYPTO:ETH) tokens, lifting its holdings to 5.93 million ETH.
• The purchase takes Bitmine to 4.9% of Ethereum’s 122 million total supply.
• Bitmine says 5.07 million ETH is staked, with annualised staking revenue projected at $330 million.

Bitmine Immersion Technologies has bought 28,086 Ethereum (CRYPTO:ETH), worth about $70 million at its stated reference price.

The purchase lifted Bitmine’s Ethereum holdings to 5.93 million ETH, representing 4.9% of Ethereum’s 122 million supply.

“Over the past week, we acquired 28,086 ETH,” Bitmine chairman Tom Lee said.

Bitmine now has 5,067,309 ETH staked, worth about $12.6 billion at $2,495 per token.

The company said its staking activity generated a seven-day yield of 2.61%, supporting projected annualised staking revenue of $330 million.

Bitmine also reported 211 Bitcoin (CRYPTO:BTC), $593 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

Bitmine said it remains focused on reaching its target of holding 5% of Ethereum’s total supply, with the latest purchase putting it 97% of the way there.

At the time of reporting, Ethereum price was $2,488.41.