Bitmine will update its holdings tonight, Beijing time. The $ETH it holds already accounts for 4.9% of the total supply of Ethereum. Its announcement also included a line saying that management believes the company has more or less finished buying.
$ETH is Ethereum’s native coin. It’s used to pay fees for on-chain transfers and smart contracts, and can also be staked to help validate the network and earn rewards.
Bitmine is the publicly traded company with the largest Ethereum holdings in the world. It says it has been buying every week since last summer without missing a week—and it bought again this week.
The company set itself a target for the percentage of Ethereum it wants to hold. Its announcement says it’s now just a short distance from that target, and will stop buying once it gets there.
Most of its coins have already been staked, effectively locking them on-chain for the long term and making them unlikely to return to circulation in the market.
One of the steadiest spot buyers of the past year may soon shift from buying every week to no longer buying at all. Other buyers will have to take its place.
$ETH is Ethereum’s native coin. It’s used to pay fees for on-chain transfers and smart contracts, and can also be staked to help validate the network and earn rewards.
Bitmine is the publicly traded company with the largest Ethereum holdings in the world. It says it has been buying every week since last summer without missing a week—and it bought again this week.
The company set itself a target for the percentage of Ethereum it wants to hold. Its announcement says it’s now just a short distance from that target, and will stop buying once it gets there.
Most of its coins have already been staked, effectively locking them on-chain for the long term and making them unlikely to return to circulation in the market.
One of the steadiest spot buyers of the past year may soon shift from buying every week to no longer buying at all. Other buyers will have to take its place.