Bitmine Immersion Technologies (NYSE: $BMNR) purchased another 27,801 Ethereum (CRYPTO: $ETH) over the past week.
Bitmine’s Ethereum treasury now stands at 5.77 million tokens, giving it control of 4.8% of the cryptocurrency’s circulating supply.
The company’s Ethereum holdings are now worth $10.5 billion U.S., making Bitmine the largest corporate holder of ETH globally.
Bitmine is 96% of the way toward its stated goal of owning 5% of Ethereum’s circulating supply of 120.7 million tokens.
Chairman Tom Lee said the company is maintaining an elevated pace of buying as the price of ETH remains depressed and trades below the key support level of $2,000 U.S.
Ethereum is down 3% on July 13 and trading at $1,765 U.S., 64% below its all-time high of $4,946 U.S. reached last August.
Bitmine added that 4.92 million of its Ethereum, about 85% of its holdings, is now staked. The company projects its annualized staking revenue at $242 million U.S.
BMNR stock has declined 64% in the last 12 months to trade at $14.60 U.S. per share.
