Bitmine Nears 5% Ethereum Supply Goal with $92M Acquisition

Bitmine has made another significant Ethereum acquisition, buying 52,203 ETH worth around $92 million last week. This purchase brings its total holdings to 5.67 million ETH, valued at nearly $10 billion.

The company's Ethereum position now represents about 4.7% of the circulating supply. Bitmine stated that it has completed 94% of its goal to acquire 5% of Ethereum's supply.

Chairman Tom Lee maintained his optimistic view on the digital asset market, saying 'we believe we are in the early stages of crypto spring.'

Bitmine continues to rely on staking income to support its obligations. The company currently stakes 4.72 million ETH across its holdings and estimates annualized staking revenue at roughly $223 million.