BitMine Closes in on 5% of Ethereum Supply with Massive $75 Million Purchase

BitMine Immersion Technologies has significantly increased its Ethereum holdings by purchasing an additional 27,562 ETH, worth approximately $75 million at the time of purchase. This brings the company's total holdings to nearly 5.98 million ETH, which is close to 5% of Ethereum's circulating supply of around 120 million coins.

The large-scale holding is verifiable through Ethereum's own ledger on Etherscan, a primary block explorer that allows users to verify wallet balances and transaction history against publicly disclosed addresses.

Chairman Tom Lee views the continued buying as evidence of broader institutional demand for crypto. However, other analysts have offered more cautious readings of the same flows.