'Bitmine', which continued buying during the down market, nears securing 5% of Ethereum supply

Uk Jin

Summary

Bitmine reportedly continued buying Ethereum even during the recent downturn, coming to hold 3.08% of the total supply.
Bitmine said it bought an additional 679,000 Ethereum over the past month, more than the combined purchases of other treasury companies during the same period.
It has been assessed that if Bitmine approaches securing 5% of the Ethereum supply, it could affect supply concentration and liquidity.

Bitmine, which has incorporated Ethereum (ETH) as a major financial asset, is continuing to buy Ethereum.

On the 7th (Korean time), crypto asset (cryptocurrency) media Cryptopolitan reported that Bitmine additionally bought $199 million worth of Ethereum over the past two days, bringing its total Ethereum holdings to $11.3 billion. Specifically, Bitmine bought $130.7 million worth of Ethereum on the 5th and $68 million worth on the 6th.

With this purchase, Bitmine came to hold an amount equal to 3.08% of the total Ethereum supply, nearing its 5% target.

Notably, even as the crypto asset market has been weak and the industry's buying pace slowed, Bitmine additionally purchased 679,000 over the past month. This amount is larger than the total purchases of other Ethereum treasury companies combined during the same period.

Meanwhile, if Bitmine reaches 5% of the Ethereum supply, it would hold more than the entire holdings of large decentralized staking pools. There are assessments that this could affect supply concentration, liquidity structure, and the staking landscape. The company intends to maintain aggressive buying until it reaches its target.

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