Ethereum · BitMine Immersion Technologies · CryptoSlate
How Bitmine could surpass its 5% Ethereum goal without buying more ETH
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Bitmine is still buying Ethereum, even as staking may make further purchases unnecessary to reach its 5% ownership target.
Key facts
- On Sept. 1, blockchain analysis platform Lookonchain said wallets linked to Bitmine appeared to acquire another 51,000 ETH worth about $126 million from FalconX and BitGo
- The Nasdaq-listed treasury company disclosed that it acquired 53,501 ETH in the week through Aug. 30, taking its holdings to 5.9 million tokens
- Using Bitmine’s own benchmark of 120.7 million ETH in circulation, owning 5% would require about 6.035 million tokens
- Adding another 51,000 ETH would reduce the gap to about 83,000 tokens using the same 120.7 million supply benchmark
Summary
01 Bitmine acquired 53,501 ETH, lifting disclosed holdings to 5.9 million, while an additional 51,000-token purchase remains unconfirmed. 02 Staking rewards could help Bitmine reach its 5% Ethereum target, requiring about 74% retention over two years with flat supply. 03 Whether Bitmine retains rewards or converts them for expenses and dividends will determine progress as Ethereum supply growth raises the hurdle. The Nasdaq-listed treasury company disclosed that it acquired 53,501 ETH in the week through Aug. 30, taking its holdings to 5.9 million tokens.