Bitmine Buys Another 27,000 ETH Despite Market Slump, Nears 5% of Ethereum Supply
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Former bitcoin miner Bitmine Immersion Technologies expanded its Ethereum treasury to just over 5.7 million ETH, about 4.7% of the 120.7 million circulating supply. The accumulation occurred as ETH fell more than 8% to a multi-month low near $1,500, a crypto market development that reflects institutional token accumulation and could support demand and price recovery.
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The former major bitcoin miner has expanded its Ethereum treasury once again during a week in which the asset slumped by over 8% and dived to a multi-month low of $1,500 before it found some support.
Bitmine Immersion Technologies now holds just over 5.7 million tokens, equivalent to approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins.
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