Bitmine Nears 5% ETH Threshold as Price Surges

Bitmine Immersion Technologies is making significant strides towards its goal of owning 5% of Ethereum's supply. The company recently purchased 32,447 ETH, worth approximately $81 million, bringing its total holdings to 5,847,611 ETH, valued at around $15 billion as of August 23.

This acquisition comes amid a surge in interest and excitement in the crypto market, with Ethereum's price increasing by 31.5% over the last week, outperforming Bitcoin's 24% gain. ETH is currently trading for just under $2,500, up almost 3% in the last day alone.

Bitmine's accumulation of ETH began last summer, and Chairman Tom Lee notes that the company has staked 5,067,309 ETH, equal to 87% of its holdings. The projected annual staking revenue for Bitmine is $330 million.