Bitmine buys $234M in ETH last week, closing gap with Strategy

Bitmine (BMNR) is reportedly increasing its Ethereum (ETH) purchases, narrowing the gap with Strategy's (MSTR) Bitcoin accumulation. According to Cointelegraph, Bitmine purchased approximately 101,901 ETH ($234 million) last week, marking its largest weekly acquisition this year. This level of investment is comparable to Strategy's typical weekly Bitcoin purchases, which range from $200 million to $300 million. Bitmine has gradually scaled up its buying, starting from around $76 million per week in January. The company now holds over five million ETH, representing about 4.21% of the total circulating supply. Additionally, it has staked approximately 73% of its holdings, generating an estimated annual income of about $264 million.