Bitmine Closes In on 5% Ethereum Supply Grab

Bitmine Immersion Technologies has amassed a significant amount of Ethereum, with its treasury growing to $11.3 billion after increasing its holdings to nearly 5.8 million ETH.

This brings the company within striking distance of owning 5% of the cryptocurrency's total supply, which it aims to reach through its Ethereum accumulation strategy.

The company's current Ethereum position represents 4.8% of the network's estimated circulating supply of 120.7 million ETH, with approximately 96% of the way towards its long-term objective.

Bitmine also repurchased 16.1 million shares under its $4 billion share repurchase program in July, with chairman Tom Lee stating that Ethereum has outperformed the Nasdaq 100 by 25 percentage points during July.