BitMine Buys 26,497 More Ether, Raising Holdings to 5.42 Million ETH
Summary
- BitMine said it bought an additional 26,497 Ether (ETH), raising its holdings to 5,416,901 ETH.
- That amounts to 4.49%% of Ethereum's circulating supply, and the company said it is targeting ownership of 5%% of Ethereum's total supply in 2026.
- BitMine said it is generating about $258 million in annual staking income by staking about 4.7 million ETH, and remains positive on Ethereum's long-term growth potential.
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BitMine, a corporate holder of Ether, bought more of the token and increased its holdings to more than 5.41 million ETH.
The Block reported on June 1 that BitMine recently purchased an additional 26,497 ETH, worth about $52 million at current prices.
The purchase lifted BitMine's total Ether holdings to 5,416,901 ETH. That represents 4.49% of Ethereum's roughly 120.7 million circulating supply.
Chairman Tom Lee said the company expects to meet its goal of holding 5% of Ethereum's total supply in 2026.
BitMine has slowed the pace of its purchases in recent weeks, but it continues to accumulate Ether. The company also bought about 112,000 ETH last week.
BitMine's Ether holdings are valued at about $10.6 billion. That makes it the second-largest digital-asset treasury company after Strategy, which holds Bitcoin.
The company is staking about 4.7 million ETH from its holdings and says that generates about $258 million in annual staking income.
Lee said the market still is not fully reflecting improving fundamentals on the Ethereum network. He added that the company remains positive on Ethereum's long-term growth potential.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
