Bitmine Eyes New Goal After Reaching 5% ETH Target Years Ahead of Schedule

Bitmine Immersion Technologies (BMNR) Chairman Tom Lee said that the company is close to owning 5% of all Ethereum (ETH), a goal they had expected to reach in five years but have now achieved in just 1.2 years.

Lee made this statement on the Coinage podcast, where he also hinted at a new long-term target but declined to disclose specifics.

Bitmine's 5% ETH goal was set because it is a quantity of ETH large enough 'to have a positive influence on the Ethereum ecosystem', funded in part by staking yields.

The company had described reaching this mark as the 'Alchemy of 5%' and had stated that they were 98% of the way there with 5,983,940 ETH held as of the day before, or about 4.9% of the 122.1 million ETH in supply.