Bitmine reaches 99% of its 5% Ether supply goal

Bitmine Immersion Technologies said it bought 8,573 ether over the past week, raising its holdings to 6,060,506 ETH and bringing the company to 99% of its stated goal of owning 5% of the cryptocurrency’s supply. The company said its holdings represented about 4.9% of an estimated 122.2 million ETH supply. Its latest purchase leaves it roughly 49,500 tokens short of the target, based on the reported supply. Bitmine has said it will stop accumulating once it reaches that threshold. Bitmine also reported that its combined cryptocurrency, cash, marketable securities and other investments totaled $14.5 billion as of November 1. That was down from $15 billion in its October 26 disclosure. The company used an ETH reference price of $2,261 in the November 1 snapshot, compared with $2,356 a week earlier. Of Bitmine’s ETH, 5,227,037 tokens, about 86% of its holdings, were staked as of November 1, the company said. It projected annualized staking revenue of $358 million using a 3.03% seven-day yield. That figure is a projection, not revenue already earned. Bitmine said annualized revenue could reach $415 million if it staked all its ETH. The latest purchase comes as Chairman Tom Lee...