Bitmine's ether buys are catching up to Strategy's bitcoin accumulation pace

Bitmine bought $234 million of ether in its largest weekly purchase this year, closing in on Strategy's regular bitcoin buys once the firm's STRC-fueled spikes are stripped out. What to know : Bitmine Immersion Technologies bought $234 million of ether last week, bringing its weekly crypto purchases close to the typical $200 million to $300 million that Strategy spends on bitcoin. Despite sitting on nearly $8 billion in unrealized losses earlier this year, Bitmine accelerated its purchases, giving ether a Strategy-like corporate buyer steadily absorbing supply regardless of price. Bitmine now holds more than 5 million ether, or roughly 4.21% of the cryptocurrency’s circulating supply, and has staked about 73% of those tokens to generate an estimated $264 million in annualized yield.