Bitmine Nears 5% Ether Goal With Fresh $19.6M Buy

Bitmine just added $19.6 million worth of Ether to its balance sheet. The company now holds about 4.8 percent of the entire circulating supply of Ether. This purchase brings the firm much closer to its stated goal of owning 5 percent of all circulating Ether.

Alongside the crypto acquisition, Bitmine also repurchased 4.5 million of its own shares. Share buybacks often signal that management believes the stock is undervalued, which can catch the attention of market watchers.

Traders will want to watch if Bitmine continues this aggressive accumulation strategy to hit that 5 percent milestone. Such large holdings by a single entity can impact market liquidity and sentiment around Ethereum.