Bitmine Dominates Ethereum Supply with 6 Million ETH Holdings

Bitmine, a digital media outlet covering crypto research and news, has announced that it holds 6.0 million ETH, equivalent to more than 4.9% of Ethereum's circulating supply.

This puts Bitmine in the lead as the largest Ethereum treasury company by a wide margin, with holdings worth approximately $16.1 billion.

The acquisition of 17,362 ETH during the week since its Sept. 21 update has taken Bitmine's total to 6,001,302 ETH, which it reached in under 15 months.

According to Tom Lee, Bitmine is already experiencing synergies and positive network effects from holding nearly 5% of total ETH supply.