Bitmine Nears 5% ETH Goal, Signals New Long-Term Targets Ahead

Bitmine Immersion Technologies' Chairman Tom Lee said that the company is close to owning 5% of all Ethereum (ETH), a goal they expected to reach in five years but have now achieved in just 1.2 years.

In an interview on the Coinage podcast, Lee explained that Bitmine had set this target because it was a quantity of ETH large enough 'to have a positive influence on the Ethereum ecosystem', funded in part by staking yields.

Lee hinted at a new long-term target but declined to disclose specifics, saying only that the company would continue to balance support for the Ethereum ecosystem with shareholder value.