Bitmine Immersion Technologies has announced that it now owns 3.58% of the total ETH token supply, amounting to 4.326 million tokens, valued at $2,125 per ETH. This acquisition aligns with the company’s strategic focus on Ethereum as its primary treasury reserve asset, a decision reinforced by Ethereum’s history of sharp recoveries following significant price declines. Bitmine’s ongoing development of the Made in America Validator Network (MAVAN) aims to capitalize on Ethereum’s staking potential, promising enhanced infrastructure and staking rewards. This announcement comes in the context of the GENIUS Act and SEC’s Project Crypto, which have facilitated greater institutional adoption of cryptocurrencies by modernizing financial services.
Bitmine acquires 3.58% of Ethereum’s total supply with $10B crypto holdings
