KaiZXBT
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Bullish
BitMine Targets 5% of Ethereum Supply After Adding $199M in New Purchases
BitMine Immersion Technologies (BMNR) has taken another major step toward its long-term goal of controlling 5% of the total ETH supply after accumulating $199 million worth of Ether in two rapid-fire buys. Blockchain data shows the world’s largest corporate Ether holder executed a $130.7 million purchase on Friday followed by another $68 million on Saturday, lifting its total ETH treasury to roughly $11.3 billion — about 3.08% of circulating supply.
The aggressive accumulation comes at a time when most institutional desks remain bearish on ETH. Corporate Ethereum inflows have collapsed 81% over the past three months, yet BitMine has gone the opposite direction, adding 679,000 ETH in the past month alone.
While smart money has increased short exposure and spot ETH ETFs continue to see outflows, BitMine is doubling down. Backed by $882 million in cash reserves, the firm appears committed to buying every dip until it reaches its 5% target.
#ETH
{future}(ETHUSDT)
BitMine Immersion Technologies (BMNR) has taken another major step toward its long-term goal of controlling 5% of the total ETH supply after accumulating $199 million worth of Ether in two rapid-fire buys. Blockchain data shows the world’s largest corporate Ether holder executed a $130.7 million purchase on Friday followed by another $68 million on Saturday, lifting its total ETH treasury to roughly $11.3 billion — about 3.08% of circulating supply.
The aggressive accumulation comes at a time when most institutional desks remain bearish on ETH. Corporate Ethereum inflows have collapsed 81% over the past three months, yet BitMine has gone the opposite direction, adding 679,000 ETH in the past month alone.
While smart money has increased short exposure and spot ETH ETFs continue to see outflows, BitMine is doubling down. Backed by $882 million in cash reserves, the firm appears committed to buying every dip until it reaches its 5% target.
#ETH
{future}(ETHUSDT)
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