BitMine Holdings Inches Closer to 5% Ethereum Ownership
BitMine Holdings continues its aggressive acquisition of Ethereum (ETH), adding over 53,000 ETH in just one week. This brings its total holdings to nearly 5.9 million ETH, which accounts for about 4.9% of the circulating supply.
The company's Ethereum treasury is now valued at close to $15 billion, with a market cap of $294.57 billion and a 24-hour trading volume of $30.04 billion. BitMine Holdings' chairman, Tom Lee, revealed that the firm has been acquiring ETH on a weekly basis for 65 weeks.
The company is close to achieving its self-proclaimed 'Alchemy of 5%' milestone, which involves accumulating a total quantity of ETH equivalent to 5% of Ethereum's total supply. BitMine Holdings currently holds around 86% of its total ETH holdings in staking positions, with an annualized revenue potential of $335 million.