Bitmine Buys $92M ETH, Now Holds 4.7% Supply and Co-Funds Ethlabs Lab
BMNR•Bitmine bought 52,203 ETH for $92M at an average $1,760, lifting holdings to 5.67M ETH worth just under $10B (4.7% of supply) and retains $601M cash. The company co-funded Ethlabs with Sharplink and Joe Lubin to support former Ethereum Foundation researchers in building institutional-grade on-chain infrastructure.
1. Bitmine’s Ethereum Acquisition
Bitmine acquired 52,203 ETH over the past week for $92 million at an average price of $1,760 per token. This raises its total holdings to 5.67 million ETH worth just under $10 billion, or 4.7% of circulating supply, with $601 million cash remaining.
2. Formation of Ethlabs Lab
Bitmine teamed with Sharplink and Joe Lubin to establish Ethlabs, a non-profit R&D organization led by former Ethereum Foundation researchers. Ethlabs aims to develop institutional-grade on-chain infrastructure, focusing on scaling, protocol economics, and standards for enterprise adoption.
