Bitmine nears 5% of Ethereum supply with $136M ETH buy

Bitmine Immersion Technologies now holds 5.62 million ETH, close to 5% of supply. The company staked 4.72 million ETH and expects up to $270 million in annual staking revenue.

Bitmine Immersion Technologies has notably expanded its Ethereum holdings, now controlling about 5.62 million ETH—roughly 4.66% of the total Ethereum supply. In the past week alone, Bitmine acquired 76,881 ETH, valued at approximately $136 million. This purchase was financed through a $274 million preferred stock offering, with shares set to be listed on the NYSE. The company has staked around 4.72 million ETH, aiming for annual staking revenues between $226 million and $270 million. Bitmine's total assets, including crypto, cash, and investments, are valued at about $10.4 billion, with stakes in Beast Industries and Eightco Holdings. Despite approaching its 5% ETH supply target, Bitmine continues to accumulate ETH, expressing strong confidence in Ethereum's fundamentals. Meanwhile, Ethereum's price has rebounded to $1,700 but remains below its 200-week moving average, with analysts monitoring for a move above $1,800. The token still faces the risk of a third consecutive quarterly decline.