Bitmine Adds $31.9 Million in Ether, Nears 5% Treasury Target

Bitmine Immersion Technologies bought 12,532 Ether (ETH) for approximately $31.9 million over the past week, expanding its holdings to 6,028,946 ETH and bringing its corporate treasury closer to a 5% ownership target.

The company said its Ether represented 4.9% of Ethereum’s 122.1 million-token supply as of Oct. 11 at 1:30 p.m. ET (5:30 p.m. UTC). Bitmine valued the purchase at $2,544 per ETH and said it needs about 100,000 more ETH to reach 5%.

Chairman Tom Lee said, “Now we’re done stacking while a bull market is starting.” His comments described the company’s accumulation strategy and its view of the broader crypto market, rather than a confirmed market outcome.

Bitmine said 5,067,309 ETH was staked as of the same snapshot, with those holdings valued at $12.9 billion. Its combined crypto, cash and marketable securities, along with other investments, totaled $16.2 billion.

The company’s stated strategy is to accumulate Ether as a corporate treasury asset while staking part of its holdings through its MAVAN platform.