BitMine Eyes 5% Ethereum Share Amid Rapid Accumulation

BitMine Immersion Technologies is rapidly accumulating Ether (ETH) to reach its goal of owning 5% of Ethereum's total supply. Chairman Tom Lee revealed on a Bankless podcast that the company could achieve this milestone by the end of 2026.

Lee credits BitMine's balance sheet, which was paid for with common stock rather than loans or convertible notes, as the key to their success. In contrast, rival treasuries relied on these tools and did not survive the downturn.

BitMine has already acquired over 5 million ETH in just 14 months, surpassing MicroStrategy's six-year effort to gather a comparable share of Bitcoin (BTC).