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Bitmine, a crypto asset management company, continues its Ethereum accumulation at a rapid pace. Under the strategy led by the company’s Chairman, Tom Lee, a significant amount of Ethereum was purchased in the past week.
According to the data released, Bitmine added an additional 71,179 $ETH to its portfolio in just the last seven days. With this latest purchase, the company’s total Ethereum holdings reached 4.73 million $ETH. This amount represents approximately 3.92% of the current circulating supply. The company’s total crypto assets and cash reserves are reportedly around $10.7 billion.
Staking activities constitute a significant part of Bitmine’s strategy. The company has staked 3.14 million Ethereum, with a current market value of approximately $6.3 billion. It is reported that these staking activities generate approximately $177 million in annualized revenue.
According to experts, accumulation and staking activities on this scale demonstrate institutional investors’ confidence in Ethereum. At the same time, the locking of a significant portion of the circulating supply is considered a factor that could influence price dynamics.
Bitmine’s aggressive buying strategy once again highlights the growing influence of institutional actors in the cryptocurrency market.
*This is not investment advice.
coindesk.com
cryptobriefing.com
