BitMine adds 53,501 ETH as holdings reach 5.9M

BitMine Immersion Technologies has purchased another 53,501 ETH, lifting its Ethereum treasury to 5,901,112 tokens worth about $14.54 billion at the time of writing. Summary BitMine has bought Ethereum for 65 consecutive weeks since launching its treasury strategy. The company now controls about 4.9% of Ethereum’s reported 120.7 million-token supply. More than 5.06 million ETH is staked, producing an estimated $335 million in annual revenue. ETH trades near $2,464 as resistance around $2,540–$2,550 continues to limit its recovery. BitMine’s Ethereum holdings have reached 5.9 million ETH BitMine Immersion Technologies said in its latest treasury update that it held 5,901,112 ETH as of Aug. 30, after buying 53,501 tokens during the preceding week. “Over the past week, we acquired 53,501 ETH,” Chairman Tom Lee said. Using the company’s reference price of $2,511, the Ethereum position was valued at approximately $14.82 billion when BitMine recorded the snapshot at 3 p.m. Eastern Time. Management said its ETH balance accounted for about 4.9% of Ethereum’s reported supply of 120.7 million tokens. At the time of writing, CoinGecko data showed Ethereum trading near $2,464, down about 0.4% ...