Bitmine Closes Gap to Owning 5% of Ethereum Supply

Bitmine has been steadily accumulating Ethereum (ETH) in its portfolio, and last week's purchase brought it just $81 million closer to owning 5% of the entire supply. With a total of 5,847,611 ETH now held, valued at around $15 billion as of August 23, Bitmine is only 187,000 ETH away from reaching this milestone.

The company's Chairman, Tom Lee, pointed out that the timing lines up with a strong market. Ethereum has seen significant gains over the past week, rising by 31.5% in just seven days, and its price currently stands at $2,500.

Notably, 87% of Bitmine's ETH holdings are staked, which is projected to generate annual revenue of $330 million. This accumulation campaign began last summer, when the firm reached roughly 1% of Ethereum's supply, and has been steadily increasing ever since.