BitMine Acquires 1% of Ethereum’s Supply, Aiming for 5% Ownership Amidst Rising Market Value

Key Points

1. BitMine now owns 1.15 million ETH, representing 1% of Ethereum's circulating supply, valued at nearly $5 billion.

2. The firm plans to increase its holdings to 5% of Ethereum's supply, equivalent to six million ETH worth approximately $25.6 billion.

3. Ethereum's price surged 19% this week, positively impacting the value of BitMine's holdings.

4. BitMine intends to fund its Ethereum purchases through equity-linked securities, such as convertible debt.

5. The acquisition strategy could position BitMine as a significant player in the Ethereum market, influencing corporate strategies and market dynamics.