Update
Bitmine Buys More ETH, Approaching 5% Ownership Target
Bitmine Immersion Technologies has purchased another 9,587 ether (ETH), increasing its holdings to 6.07 million tokens. This brings the company closer to its goal of owning 5% of Ethereum's total supply. The company's chairman, Tom Lee, welcomed recent comments from Ethereum co-founder Vitalik Buterin, who described ETH as a store of value. As of Nov. 8, Bitmine's holdings represent approximately 4.97% of Ethereum's circulating supply of 122.2 million tokens. The latest acquisition is valued at approximately $20.4 million at the current price of $2,134 per ETH. Bitmine's total ETH stash is worth over $12.9 billion, and the company's combined cryptocurrency holdings, cash, marketable securities, and strategic investments total $14.3 billion. Lee plans to stop purchasing ETH once the company reaches its 5% ownership target, currently 40,000 ETH away.