Bitmine Buys $68M in Ethereum as Holdings Approach 6 Million ETH
Bitmine just dropped another $68 million on Ethereum, pushing its corporate balance sheet toward 5% of the token's total supply.
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Key takeaways
- Bitmine purchased an additional $68 million worth of Ethereum.
- Total corporate holdings are now approaching 6 million ETH.
- The firm is targeting ownership of 5% of Ethereum's total supply.
- Most of Bitmine's ETH stash is deployed to earn staking rewards.
$68 million. That's what Bitmine just threw at Ethereum, bringing its balance sheet right up against 6 million ETH.
It puts the firm one step closer to its stated goal: holding 5% of all Ethereum in existence. They aren't letting the stash sit idle, either. Bitmine put the vast majority of these tokens straight into network staking protocols to rack up steady rewards.
Targeting Supply Dominance
Hoarding 6 million tokens stacks a terrifying amount of ETH under one roof. By soaking up coins and shoving them straight into staking contracts, Bitmine keeps pulling liquid crypto right off exchange order books.
Why it matters
Corporate treasury plays like this choke market liquidity. Lock up 5% of a blockchain's total supply and the float shrinks—meaning price swings hit way harder when demand spikes. There's a centralizing risk here, too. Massive corporate staking blocks hold serious weight in Ethereum's proof-of-stake system.
Source: Decrypt
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