BitMine Nears 5% ETH Ownership Target with Treasury Holdings Now Over 6 Million

BitMine Immersion Technologies (BMNR) has accumulated over 6 million Ethereum (ETH) in its treasury, following another weekly purchase of 17,362 tokens. This adds to the company's existing holdings, which now total 6,001,302 ETH, approximately 4.9% of the total ETH supply.

BitMine's Chairman Tom Lee has stated that the company aims to own 5% of the ETH in circulation and has been steadily increasing its position over the past 15 months. The treasury crossed the 5 million ETH milestone in late April, with staked Ether holding at 5.07 million.

At current prices, BitMine's crypto, cash, securities, and equity stakes are worth a total of $17.2 billion, ranking the company second among crypto treasuries worldwide, behind Strategy (MSTR). Lee has projected annualized staking revenue of $358 million based on BitMine's own operations, which is expected to rise to $424 million once all of the company's ETH is staked.