Bitmine Accumulates $220 Million Worth of Ethereum, Now Holding Over 1% of Supply

Crypto entity Bitmine has acquired another 52,475 ETH, boosting its holdings to a total of 1,575,848 ETH worth approximately $6 billion. This move brings the entity’s ETH accumulation in recent months to over 1% of the total supply and comes as it seeks to attain 5% ownership of the ETH market. Bitmine is currently under the guidance of its Board Chain leader Thomas Lee (known as Tom Lee), who believes accumulating Ethereum now offers greater efficiency than holding more Bitcoin. This aligns with other established players like BlackRock, which has also shown a preference for ETH accumulation.