Bitmine Immersion Technologies bought 8,573 ETH last week at $2,261 per token, bringing its holdings to 6,060,506 ETH, or about 4.9% of Ethereum’s total supply. The company is therefore roughly 50,000 ETH short of its 5% target, which it has pursued for about fifteen months. Nearly 5.23 million tokens are staked, potentially generating up to $415 million in annual rewards at full scale. Including cash, Bitcoin and other assets, its total holdings are valued at $14.5 billion. BMNR stock gained nearly 7% within a few hours on November 4, briefly trading above $22.20, before technical indicators showed a slowdown in the upward momentum.
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