Bitmine Inches Closer to 5% Ethereum Ownership
Bitmine Immersion Technologies, backed by Tom Lee, is rapidly approaching its ambitious goal of owning 5% of Ethereum's total supply. The company has added another 9,926 ETH to its holdings, bringing its total to approximately 5.82 million ETH, or about 96% of the way toward its target.
The significant accumulation campaign, which began with weekly purchases from Bitmine, is not a simple price bet. Around 87% of its Ethereum holdings are already staked, generating an estimated $250 million in annualized staking revenue and potentially providing a second source of income for the company.
Tom Lee's involvement has been linked to Ethereum's role in tokenization and agentic AI, with the ETH/BTC ratio rising above its long-term downtrend. This could signal growing recognition of these blockchain use cases and is cited as a possible tailwind for crypto.