Bitmine Buys $103M in ETH, Hits New Staking Milestone
Bitmine now holds just over 5 million ETH, which is roughly 4.2% of the cryptocurrencys total supply. This aggressive accumulation has taken place over less than 12 months since the company started buying ETH at the end of July last year. This aggressive move has not only sparked interest among crypto observers and analysts but also ignited interest in the companys plan. However, to understand what the plan is all about, we must first look at what Bitmine has been doing with the ETH it acquired. Bitmine Stakes ETH Worth Over $9 Billion Bitmines latest staked amount was even more impressive than the aforementioned ETH acquisition. According to Lookonchain, the company just staked 106,200 ETH worth roughly $244 million. According to Arkham, Bitmine now has over 3.9 million ETH staked. This was more than $8.4 billion worth of cryptocurrency at press time. Bitmine stakes ETH worth over $8.5 billion | Source: Arkham Bitmine now has the largest share of staked ETH on the Ethereum network at 9.5%. This move will allow the company not only to benefit from robust passive yields but also to secure substantial long-term capital gains. Aggressive demand from the likes of Bitmine has been fuelling bullish Ethereum price action since the start of