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Bitmine Buys $236M in ETH, Raising Holdings Above 5 Million Tokens
Bitmine bought about $236 million of ETH through last week, raising its holdings to 5,078,386 ETH. The company said the position equals about 4.21% of ETH’s circulating supply and was built in roughly 10 months. Bitmine said about 3.7 million ETH is staked, generating about $264 million in annualized revenue. Tom Lee said the company is moving toward a 5% share of ETH supply and described ETH as a “wartime store of value.”