BitMine buys $100 million worth of Ethereum so far this year… “$910 million in cash remaining”

BitMine, the world’s largest Ethereum (ETH) treasury company, has bought $100 million worth of Ethereum so far this year.

According to on-chain analytics firm Arkham on the 8th (local time), BitMine purchased $105.3 million (about KRW 150 billion) worth of Ethereum over the past week. Following the buying spree, BitMine’s total Ethereum holdings increased to $13.23 billion. Arkham said, “BitMine’s Ethereum holdings account for about 3.43% of total supply.”

Its staking footprint is also expanding. Arkham said BitMine added another $1.46 billion worth of Ethereum to staking last week alone. “The market is focused on the fact that BitMine Chairman Tom Lee is still actively buying Ethereum and continuing its staking strategy,” Arkham said, adding that this “signals it views Ethereum as a core long-term asset regardless of short-term price volatility.”

Speculation is also growing that BitMine could accelerate additional Ethereum purchases. BitMine said its cash holdings stood at $915 million as of the 5th. Cointelegraph said, “This purchase (by BitMine) comes as staking activity has surged,” adding that “(the cash holdings) could be used to buy more Ethereum to achieve the strategic goal of securing 5% of total supply.”