Bitcoin Mining Company Purchases $1 Billion in Altcoin in Just Seven Days! “Our Goal is to Buy 5% of the Total Supply!”

BitMine, a Bitcoin mining company listed on the New York Stock Exchange, made a new statement regarding its Ethereum (ETH) purchases.

Accordingly, the company announced that they have reached the $1 billion ETH level with the purchases they have made so far.

It was stated that the company’s goal is to continue purchasing until it reaches 5% of the ETH supply.

$1 Billion in Ethereum!

Bitmine stated in its official statement that as of July 17, they had a total of 300,657 ETH worth $1 billion.

BitMine Chairman and Fundstrat co-founder Tom Lee said:

“At BitMine, we surpassed $1 billion in Ethereum holdings just seven days after completing our initial $250 million private placement.

We are making steady progress towards achieving our goal of purchasing and staking 5% of the total ETH supply.

“Acquiring $1 billion in ETH is a clear demonstration of our belief in the long-term value of Ethereum,” said BitMine CEO Jonathan Bates. “We are committed to the continued growth of Ethereum and look forward to advancing our Ethereum treasury strategy.”

On the first of July, US-based Bitcoin mining company BitMine announced that it has made Ethereum its primary reserve asset.

BitMine’s move follows the recent ETH acquisitions by SharpLink Gaming, a subsidiary of Ethereum’s MicroStrategy. With its recent purchases, SharpLink Gaming has become the world’s largest ETH holder.

*This is not investment advice.