From BigGo Finance · BigGo Finance · · 1m
Bitmine Buys $20M Ether, Hits 4.97% Ethereum Hold
Bitmine's $20 million ether purchase pushes its Ethereum holdings to 4.97% of total supply, nearing 5% target.
In brief
Bitmine's $20 million ether purchase pushes its Ethereum holdings to 4.97% of total supply, nearing 5% target. Bitmine Immersion Technologies bought $20 million in ether, bringing its Ethereum treasury to 4.97% of total supply. Originally reported by BigGo Finance.
Bitmine's Ether Purchase
Bitmine Immersion Technologies bought 9,587 ether worth about $20 million last week, bringing its treasury to 6,070,092 tokens.
Treasury Reaches 4.97%
The company's Ethereum treasury now holds 4.97% of Ethereum's total supply, 15 months after launching the strategy.
Total Holdings
Total holdings, including 216 bitcoin and $475 million in cash, stood at $14.3 billion as of Nov. 8.
Staked Ether Value
About 5.2 million ether is staked through Bitmine's MAVAN platform, valued at $11.1 billion.
Vitalik Buterin's Validation
Chairman Tom Lee cited Vitalik Buterin's Devcon 8 declaration that ether is a store of value as validation of the accumulation strategy.
Stock Reaction
Bitmine shares fell more than 4% in premarket trading, approaching historical support near $17.80.
Here's the gist
Bitmine Immersion Technologies bought $20 million in ether, bringing its Ethereum treasury to 4.97% of total supply.
