Bitmine purchased about $43 million worth of Ether last week as it entered the Russell 1000 Index, bringing it closer to its goal of owning 5% of ETH’s supply.
Ether treasury company Bitmine Immersion Technologies added more than 27,000 Ether to its holdings last week as the firm joined the Russell index tracking the largest 1,000 US companies.
Bitmine said Monday that after its latest $43 million purchase, it held just over 5.7 million Ether (ETH) bought at an average price of $1,569 per token and held 4.7% of the ETH supply of 120.7 million tokens, closer to its goal of owning 5% of Ether’s supply.
Bitmine chairman Tom Lee said the past week “was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins.”&
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