Bitmine Scoops Up $135M Ethereum Ahead of NYSE Debut

Bitmine Immersion Technologies, Inc., led by Tom Lee, has made significant strides in acquiring Ethereum. The company purchased $135.6 million worth of ETH last week, bringing its total holdings to 5,620,754 ETH at an average price of $1,718 per ETH.

This acquisition represents approximately 4.66% of all Ethereum in circulation and brings Bitmine close to its target of acquiring 5% of the Ether supply.

According to Lee, the company is maintaining a 'somewhat elevated pace' of buying despite recent market volatility, citing that it's an 'early stage of crypto spring.'

The firm has also expanded its staking activities and infrastructure, with approximately $8.1 billion of ETH staked on Bitmine's validator infrastructure. The company reports recurring staking income via this mechanism, generating more than $200 million in annualized rewards.