Bitmine Closes In on 5% ETH Stake as Firm's Holdings Reach $15.8 Billion

Bitmine, an institutional-grade Ethereum staking and validation service provider, has made significant strides in its goal to reach a 5% stake in the cryptocurrency's total supply. The firm acquired 27,180 ETH last week, valued at approximately $68 million at Monday's price of just above $2,500.

This purchase brings Bitmine's total ETH holdings to 5,956,378 tokens, which puts its 5% supply goal within reach. According to Tom Lee, the company's chairman and founder of Fundstrat, the firm needs approximately 144,000 more ETH to cross the 6.1 million threshold it is targeting.

Bitmine has staked over 5.07 million ETH through its MAVAN platform, which is projecting hundreds of millions in annualized staking revenue. The company's total holdings, including cash and other assets, now stand at $15.8 billion, with BMNR included in the Russell 1000.