BitMine Approaches Ethereum Target: Acquired 82,353 More ETH

Ethereum (ETH) focused treasury company BitMine has purchased 82,353 Ethereum in the past week, increasing its total assets to 3.4 million ETH. This new acquisition allows BitMine to hold 2.8% of the total Ethereum supply, demonstrating the company's determination to increase its Ethereum holdings.

The US-based treasury giant BitMine (BMNR) announced that it holds approximately $12 billion worth of 3.4 million ETH and $20 million worth of 192 Bitcoin (BTC). Additionally, the company has $62 million in Eightco Holdings (ORBS) investments and $389 million in cash reserves.

BitMine is steadily progressing towards its goal of owning 5% of the total Ethereum supply. With this ratio, the company is set to become the largest publicly traded Ethereum owner in the world, second only to Michael Saylor’s strategy company, establishing itself as the second-largest digital asset treasury.

Among the major investors are billionaires such as Bill Miller III, Cathie Wood, and Peter Thiel’s Founders Fund, which has drawn the attention of leading firms in the crypto ecosystem, including DCG, Galaxy, Kraken, and Pantera.

However, BMNR shares lost more than 8% of their value during the first trading day of the week due to the general market sell-off, trading around $42. Nevertheless, BitMine's shares have placed among the top 60 stocks traded in the US, with an average trading volume of $1.5 billion over the past five days. These movements indicate that investors need to closely monitor BitMine's upcoming steps and developments in the Ethereum market.