Bitmine speeds pace of Ethereum buys, boosting treasury to 4.6M ETH

About two-thirds of the company’s tokens are currently staked, generating an estimated $180 million in annualized revenue.

Bitmine Immersion Technologies has accelerated the pace of its Ether purchases in recent weeks, chairman Tom Lee said Monday, following the company’s over-the-counter purchase of 5,000 ETH directly from the Ethereum Foundation.

Lee said Bitmine added 60,999 Ether (ETH) over the past week, up from a recent weekly average of about 45,000 to 50,000 ETH.

The purchases bring the publicly traded company’s Ethereum treasury to 4.596 million ETH, giving Bitmine control of about 3.81% of the token’s total supply. The company said its combined crypto holdings, cash and other investments total about $11.5 billion.

Read more