BitMine Hits 95% of Ethereum Goal with Latest ETH Buy

BitMine is moving closer to its huge goal of owning 5% of all Ethereum. The company just added 7,430 tokens to its treasury, which brings its total holdings to more than 5.7 million ETH. To reach that final milestone, it needs to pick up about 257,532 more tokens. Based on the prices used in its latest report, the firm is roughly $484 million away from finishing its accumulation plan.

While the company is still buying every week, the pace has slowed down significantly. Management recently spent nearly $86 million buying back BitMine shares, which was much more than they spent on crypto this week. Chairman Tom Lee said the company is being careful not to go too far past the 5% mark. They want to balance share value for investors while maintaining their spot as the largest public corporate holder of ETH.

Most of the ETH in BitMine's treasury is not just sitting idle. The company has staked about 85% of its holdings, which generates millions of dollars in revenue each year. Even though this provides a steady stream of income, the company still reported some losses recently due to derivative trades. Moving forward, the market will be watching to see if BitMine stops buying entirely once it hits that 5% target.