BitMine acquires another 266,119 ETH for its corporate treasury
The post BitMine acquires another 266,119 ETH for its corporate treasury appeared on BitcoinEthereumNews.com. BitMine acquired 266,119 ETH in 7 days, raising its total holdings to 566,776 ETH worth $2.06 billion as of July 24. Ethereum’s price jumped 2.82% on the same day, closing at $3,732.5 with volume rising to 11.45K ETH. RSI reached 78.7, placing ETH in overbought territory, signaling possible short-term resistance after the sharp July rally. BitMine Immersion Technologies has acquired an additional 266,119 ETH worth $970 million in just the past seven days, according to a company update published on July 24. At an average price of $3,643.75 per ETH, the transaction history confirms a rapid and aggressive accumulation. The company now holds a total of 566,776 ETH, with the value of its Ethereum holdings standing at $2.06 billion. This development comes just 16 days after the company completed a $250 million private placement on July 8. BitMine’s treasury strategy appears designed to scale quickly. Using the proceeds from its recent funding round, the company has boosted its crypto reserves by over 700% compared to the size of its initial raise, aligning with its objective to increase the amount of ETH held per share. BitMine’s Strategic Target to Acquire 5% of All Ethereum BitMine has also stated its audacious goal to acquire and stake 5% of the total Ethereum supply. Chairman Thomas “Tom” Lee confirmed the goal in the official announcement. He noted that the company would rely on staking yields, reinvested cash flow, and active capital market operations. The strategy also includes managing the cost of capital during periods of market volatility. CEO Jonathan Bates said the company remains committed to its Ethereum-focused treasury model. According to the announcement, BitMine’s operations continue in Pecos and Silverton, Texas, as well as Trinidad. Although primarily involved in mining, the company uses multiple methods to acquire digital assets, including strategic treasury actions.…
The post BitMine acquires another 266,119 ETH for its corporate treasury appeared on BitcoinEthereumNews.com.
BitMine acquired 266,119 ETH in 7 days, raising its total holdings to 566,776 ETH worth $2.06 billion as of July 24. Ethereum’s price jumped 2.82% on the same day, closing at $3,732.5 with volume rising to 11.45K ETH. RSI reached 78.7, placing ETH in overbought territory, signaling possible short-term resistance after the sharp July rally. BitMine Immersion Technologies has acquired an additional 266,119 ETH worth $970 million in just the past seven days, according to a company update published on July 24. At an average price of $3,643.75 per ETH, the transaction history confirms a rapid and aggressive accumulation. The company now holds a total of 566,776 ETH, with the value of its Ethereum holdings standing at $2.06 billion. This development comes just 16 days after the company completed a $250 million private placement on July 8. BitMine’s treasury strategy appears designed to scale quickly. Using the proceeds from its recent funding round, the company has boosted its crypto reserves by over 700% compared to the size of its initial raise, aligning with its objective to increase the amount of ETH held per share. BitMine’s Strategic Target to Acquire 5% of All Ethereum BitMine has also stated its audacious goal to acquire and stake 5% of the total Ethereum supply. Chairman Thomas “Tom” Lee confirmed the goal in the official announcement. He noted that the company would rely on staking yields, reinvested cash flow, and active capital market operations. The strategy also includes managing the cost of capital during periods of market volatility. CEO Jonathan Bates said the company remains committed to its Ethereum-focused treasury model. According to the announcement, BitMine’s operations continue in Pecos and Silverton, Texas, as well as Trinidad. Although primarily involved in mining, the company uses multiple methods to acquire digital assets, including strategic treasury actions.…
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