The firm now holds 5.85 million ETH, worth $15 billion, just 187,000 tokens short of its 5% target.
Bitmine Immersion Technologies purchased 32,447 ETH, valued at $81 million, last week, increasing its total holdings to 5.85 million ETH. The move brings the company closer to its goal of owning 5% of Ethereum’s circulating supply, currently at 120.7 million tokens.
The firm’s ETH accumulation began last summer, reaching 1% of supply in August 2023 and 2% by September. Ethereum’s price has surged 31.5% over the past week, outpacing Bitcoin’s 24% gain, with ETH trading near $2,500.
Prediction markets now favor a bullish outlook, with 64% odds of ETH hitting $3K before dropping to $1.5K, reversing sentiment from less than a week ago.