BitMine Buys Another 53,501 ETH as Ethereum Stash Blows Past 5.9M

The former bitcoin miner continues with its aggressive Ethereum purchases, acquiring more than 53,000 tokens over the past week as its massive treasury now contains 5.9 million ETH, equivalent to 4.9% of the asset’s total supply.

At ETH’s reported price of just over $2,500 (Sunday data), Bitmine’s Ethereum holdings alone are worth nearly $15 billion. Ramping Up The purchase announced today is substantially larger than the recent ones, including the one from last week, which was for 32,447 ETH.

In the past two weeks alone, the company has acquired almost 86,000 ETH. The firm now owns 5,901,112 tokens, which represents approximately 4.9% of Ethereum’s circulating supply of 120.7 million.

Moreover, it puts Bitmine 98% of the way toward its self-described “Alchemy of 5%” goal of owning 5% of the entire Ethereum supply. What’s perhaps even more impressive is the highly consistent accumulation strategy.