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Bitmine adds $20M of ether, nearing its 5% supply target

BitMine Immersion Technologies bought about $20 million of ether and now holds 4.97% of the token's supply. The company is close to its goal of 5%.

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BitMine Immersion Technologies bought another 9,587 ETH during the past week. The purchase lifted its Ethereum holdings to 6,070,092 tokens as of Nov. 8, as stated in its November 9 statement.

That holding equals 4.97% of Ethereum's total token supply. The company is aiming for 5%, and it is now within about 40,000 ETH of that target.

Ether$1,943.40down −22.16%over 1 month
$2,496.59$1,943.4014 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

The company's total crypto, cash and stakes came to $14.3 billion. Staking means locking coins to help run a blockchain network, and it is one part of that total.

ETH bought and gap to 5% target

  • Bought in past week9,587 ETH
  • Gap to 5% target40,000 ETH

Figures from BitMine's own statements.

Tom Lee, linked to BitMine, has pointed to a statement by Ethereum's Vitalik Buterin that ETH is money. Lee also predicts that tokenization and AI will drive a 'supercycle'.

$1,000 in Ether

Had you put $ into Ether a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

The company describes itself as an Ethereum treasury company, meaning it holds ether as a long-term asset. Its 5% goal is measured against the total Ethereum supply.

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This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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