Bitmine Closes In On 5% Ethereum Supply Target Amid Crypto Equity Surge

Bitmine Immersion Technologies (NYSE: BMNR) stock rose 4% to $24.75 on Monday, as part of a broader surge in crypto-linked equities.

The company's announcement that it has acquired 53,501 Ethereum tokens over the past week brought its total holdings to $15.6 billion, anchored by 5,901,112 Ethereum tokens and 211 Bitcoin.

Bitmine is now 98% of the way toward its target of holding 5% of the total circulating supply of 120.7 million Ethereum tokens, with a stack valued at $2,511 per token.

The company's chairman, Thomas 'Tom' Lee, said that Bitmine has bought ETH for each of the past 65 weeks.