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Guavy AI Editorial Team••Sentiment: -2•Clout: 87

BitMine Accumulates 42,197 ETH Amid Crypto Treasury Pressure

ETHARKM

BitMine Immersion Technologies (BMNR) acquired 42,197 ETH last week, increasing its total Ethereum holdings to 5.74 million ETH.

This purchase is valued at around $10.27 billion based on current prices and represents roughly 4.75% of the top altcoin's circulating supply.

The company can cover the remaining $523.7 million needed to reach its goal of owning 5% of Ethereum's supply with its available cash, according to Arkham analytics.

Despite this accumulation, BitMine faces pressure from the current risk-off sentiment in the crypto market, which has led to a decline in prices.

BitMine Chairman Thomas Lee noted an increase in the odds for passage of the Clarity Act, stating that regulatory clarity is crucial for the growth of smart contract platforms like Ethereum.