Bitmine Immersion Technologies (NYSE:BMNR) acquired 71,524 ETH last week, bringing total holdings to 4.875 million ETH representing 4.04% of total supply.

The ETH Accumulation

Bitmine now owns 4.04% of the total ETH supply of 120.7 million coins. That puts the company 81% of the way to its “Alchemy of 5%” target in just 9 months. 

Last week’s 71,524 ETH purchase marks the highest buying pace since late December.

“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,’” said Chairman Tom Lee.

The Staking Revenue

Bitmine has put 3.334 million ETH into staking, which equals $7.4…

Read more on Benzinga