BitMine Goes Shopping! Buys $130M Worth of ETH in Latest Acquisition

Digital asset company BitMine has topped its Ether holdings with its latest purchase of 44,463 ETH, worth approximately $130 million.

This acquisition brings its total ETH stash to over 4.11 million units, representing 3.41% of ETH’s circulating supply. The firm explained in a press release that the latest purchase brings it closer to its “Alchemy of 5%” goal.

BitMine Buys 44,463 ETH

BitMine explained that its total ETH stash was acquired at an average price of $2,948 per ETH. Presently, the company has assets valued at $13.2 billion. This includes its ETH stash, 192 BTC, $1 billion in cash, and a $23 million stake in Eightco.

Since June 30th, BitMine has steadily acquired ETH despite previously focusing on BTC, the leading crypto. This shift occurred when various Bitcoin-native companies, such as miners, flocked to Ethereum’s infrastructure due to its use cases. One such use case is Ethereum’s staking functionality, which enables stakers to earn income from their investments.

In its latest announcement, BitMine explained that it currently works with three staking providers. As of this writing, the firm has staked 408,627 ETH (worth $1.2 billion). Notably, this is only 9.941% of BitMine’s total ETH portfolio.

BitMine stated that it plans to launch its own validator solution, dubbed Made in America Validator Network (MAVAN). Thomas Lee, the firm’s chairman, explained that the validator infrastructure will launch early next year.

The ETH buyer is also gearing up for its Annual Stockholder Meeting, which will be held at the Wynn Las Vegas in the United States. BitMine urges its stockholders to vote in favor of four proposals to fuel its ETH acquisition strategy.

Did ETH’s Price Pump?

Despite BitMine’s acquisition of millions of dollars’ worth of ETH, the cryptocurrency’s price has yet to pump. At the time of writing, the coin sold for $2,920, representing a 0.5% decrease in the past 24 hours.

Explaining the possible cause of the price decline, Lee said in the press release:

On the bright side, BitMine’s stock, BMNR, saw a mild price increase by 0.53% to $28.47.

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