Bitmine Closes in on 5% Ethereum Ownership Target

Bitmine is closing in on its goal of owning 5% of Ethereum's total supply, holding around 96% of the way toward that target with approximately 5.82 million ETH.

The company, backed by Tom Lee, has been steadily purchasing Ethereum since launching its treasury strategy and has now reached a valuation of around $11 billion for its holdings.

Most of Bitmine's ETH is already staked, providing the company with a potential source of recurring income alongside any future increase in the cryptocurrency's market value.