Bitmine Drops $81M on Ethereum in Push for 5% Supply
Bitmine grabbed another $81 million worth of Ethereum while ETH keeps beating Bitcoin.
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Key takeaways
- Bitmine added $81 million in ETH to its corporate reserves.
- The firm is roughly 187,000 ETH away from its goal of owning 5% of all Ethereum.
- The purchase comes while Ethereum is outpacing Bitcoin's price performance.
$81 million. That's what Bitmine just dropped on more Ethereum, doubling down while ETH keeps outperforming Bitcoin.
This latest buy brings the firm right to the edge of a major treasury milestone. Bitmine is now roughly 187,000 ETH short of its goal to own 5% of Ethereum's entire circulating supply.
Closing the Gap
Bitmine's relentless buying keeps pulling liquid tokens right off the market. Absorbing that much ETH takes deep pockets. Doing it while Ethereum outpaces Bitcoin shows exactly where the firm expects quick upside.
Why it matters
When corporate balance sheets swallow huge piles of ETH, liquidity on exchanges dries up. Long-term treasury buys lock up coins and crush selling pressure. If market demand stays hot while players like Bitmine suck up available supply, price moves can get crazy fast.
Source: Decrypt
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