Bitmine Hits 96% 'Alchemy of 5%' Goal in 13 Months, Ethereum Holdings Reach $11.8 Billion

Bitmine Immersion Technologies (BMNR) announced its holdings of Ethereum (ETH) tokens have reached 5.79 million, making up 4.8% of the total ETH supply of 120.7 million.

The company's crypto and cash holdings now total $11.8 billion, with $268 million in total cash and marketable securities.

Bitmine repurchased 6.1 million common stock shares in the past week under its $4 billion share repurchase program.

The company's Chairman, Thomas 'Tom' Lee, stated that the rising ETH/BTC ratio is a sign that crypto prices are strengthening and expects ETH to reach $2,000 and $2,500 in the near term.