Bitcoin surpasses 4M ETH Holdings after $40M
Ethereum treasury company Bitmin reached a key milestone this week after its Ether stash surpassed 4 million tokens following the company's recent $40 million purchase.
Bitmine's own holdings on Monday now sit at over 4.06 million Ether (ETH), Lookonchain previously the company bought 13,412 ETH worth $40.61 million.
Bitmine's latest total hike was nearly 100,000 ETH last week, and the company added that it bought all its tokens at an average price of $2,991.
“Bitmine continues to steadily increase its ETH holdings, adding 98,852 ETH in the last week, and Bitmine holdings have now passed the milestone of 4 million ETH tokens,” said Bitmine Chairman Tom Lee. “This is a great achievement after 5.5 months.”
With the price of ETH returning to $3,000 over the weekend, Bitmine's Ether stash is back in the red after the October market crash.
The company's goal is to own 5% of the total supply of ETH, the company has a strong belief in the asset and the Ethereum ecosystem at various times.
At its current holdings, at a current value of around $12.2 billion, Bitmine is 67% of the way there, according to data from Strategic ETH Reserve.
“We are making rapid progress towards ‘5% Alchemy' and we are seeing the synergy carried over from our ETH holdings,” Lee said.
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Shares of Bitmine (BMNR) are up 606% in the past six months, with the launch of Ether in June a big boon for the company.
The company As early as 2026, it plans to link staking as Ether power as it looks to generate more value for investors.
“We continue to make progress on a staking solution known as The Made in America Validator Network (MAVAN). This will be a ‘best-in-class' solution that provides a secure staking infrastructure and will be deployed in early calendar year 2026,” he said.
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