Bitmine Is 187,000 ETH Away From Owning 5% of All Ethereum, And It Just Got a Lot Closer

In the latest Ethereum news today, Bitmine is 187,000 ETH away from owning 5% of the entire Ethereum supply, and last week’s buy closed the gap fast.

The company acquired another 32,447 ETH last week, a purchase worth roughly $81 million, pushing total holdings to 5,847,611 ETH valued at around $15 billion as of August 23.

That leaves Bitmine roughly 187,000 ETH short of its self-imposed target of 5% of Ethereum’s supply, which equals roughly 6.04 million ETH against Ethereum’s approximately 120.7 million token total.

The timing lines up with a strong market. ETH is up 31.5% over 7 days, versus Bitcoin’s nearly 24% gain over the same period.

The accumulation is not sitting idle either. 87% of Bitmine’s ETH, 5,067,309 tokens, is staked, with the company projecting $330 million in annual staking revenue.

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