Bitmine Adds $41M in Ethereum, Nears 5% Goal
This report is based on information published by decrypt.co. Bitmine bought more Ethereum, lifting its holdings above 6 million ETH and bringing it close to its stated 5% supply target.
This report is based on information published by decrypt.co. Bitmine bought an additional $41 million in Ethereum, according to the source material.
The purchase lifted Bitmine's holdings above 6 million ETH, or 4.9% of supply, putting the company at 99% of the way to its stated "Alchemy of 5%" target. Chairman Tom Lee said Ethereum is "dwarfing" other macro assets.
Key Takeaways
- Bitmine bought $41 million more Ethereum, according to decrypt.co.
- The purchase lifted Bitmine's holdings above 6 million ETH, equal to 4.9% of supply.
- Bitmine said it has reached 99% of its "Alchemy of 5%" target.
Context
Ethereum is the second-largest cryptocurrency by market value, and large corporate holdings can draw attention because they represent concentrated exposure to the asset. Bitmine's stated target suggests it has been building a sizable position over time.
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