Bitmine Immersion Technologies just bought another 25,000 ETH for roughly $41M, and at this point the company is starting to look less like a mining operation and more like an Ethereum vacuum cleaner.
The purchase, executed through custodian BitGo, brings Bitmine’s three-day buying spree to 125,000 ETH, worth approximately $206M. For a publicly traded company on the NYSE (ticker: BMNR), that’s the kind of spending that makes quarterly earnings calls very interesting.
The numbers behind Bitmine’s Ethereum appetite
The company’s total ETH holdings have ballooned to more than 5.54 million ETH, which represents roughly 4.59% of all Ethereum in existence. The stated target is 5%. In English: Bitmine wants to own one out of every twenty ETH tokens ever created.
The acquisition is being funded in part by a $250M private placement designed to support both Bitmine’s ETH treasury expansion and its Bitcoin mining operations. Chairman Tom Lee has framed the buying spree as a calculated response to what he describes as a superficial market downturn, essentially arguing that Ethereum’s fundamentals are strengthening even as prices have softened.
