BitMine Inches Closer to Controlling 5% of Ethereum Supply

BitMine Immersion Technologies has continued to accumulate Ethereum (ETH) tokens, adding 32,447 ETH in the past week. This brings its total holdings to 5,847,611 tokens, which represents approximately 4.8% of Ethereum's 120.7 million-token supply.

The company is now roughly 187,000 ETH short of owning 5% of the current supply, a target Chairman Tom Lee has described as BitMine's 'Alchemy of 5%' objective.

BitMine's latest purchase coincided with a major recovery in Ether prices, which gained approximately 30% during the preceding week. This price appreciation had an even larger effect on BitMine's balance sheet than its latest acquisition, increasing its total crypto, cash, and investment holdings to $14.9 billion.