BitMine Inches Closer to 5% Ethereum Ownership Milestone
BitMine Immersion Technologies, Inc., (NYSE:BMNR) has been quietly accumulating Ethereum (CRYPTO:$ETH), and its efforts are now within striking distance of a significant milestone. According to recent figures, the company holds approximately 5.96 million ETH as of September 13th, which represents about 4.9% of the total supply.
This puts BitMine's goal of owning 5% of Ethereum's total supply well within reach, with Tom Lee's ambitious target now a tangible reality.
The value of BitMine's ETH holdings is estimated to be around $15 billion at the reported price of $2,513 per ETH. To put this into perspective, staking just 5,067,309 ETH (representing over 85% of its Ethereum holdings) is valued at approximately $12.7 billion.
With only about 144,000 ETH needed to reach the 5% milestone, BitMine's focus has shifted from accumulation to execution. The question on investors' minds is no longer whether the company can build a massive Ethereum treasury but what it will do with an ETH position representing one-twentieth of the entire network.