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Bitmine adds $14M in Ethereum as cash pile shrinks

Bitmine bought 7,391 ETH in the latest week, while cash and marketable securities fell to $104 million, down from $482 million a month earlier.

Reported · Written up by our desk · Market Structure

Bitmine Immersion Technologies bought 7,391 ETH over the past week, worth about $14 million, bringing its Ethereum holdings to 5,805,238 ETH as of Friday evening, according to Decrypt.

The company previously bought 10,399 ETH in the prior week. Over the same period, total crypto, cash and so called "moonshot" investments rose to $11.6 billion from $11.3 billion, helped by ETH up 2.6% over the week to $1,928.

Decrypt reports that Bitmine's liquidity continued to thin, with cash and marketable securities at $104 million, down from $173 million a week earlier and $482 million reported on July 12, a 78% drop in a month.

Alongside Ethereum, Bitmine holds 209 Bitcoin and stakes including $180 million in Beast Industries and $69 million in Eightco Holdings. The firm said staking now covers 5,067,309 ETH, or 87% of holdings, and that it remains at 4.8% of Ethereum's 120.7 million supply toward its 5% "Alchemy of 5%" target.

Latest closeBitcoin $64,184.75 ▼1.0%|Ethereum $1,874.71 ▼1.8%

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