BitMine Nears 5% Ethereum Ownership Threshold

BitMine, led by Fundstrat co-founder Tom Lee, is close to owning 5% of all Ethereum (ETH).

The company has accumulated 5.81 million ETH worth nearly $11 billion at current prices, representing about 4.8% of Ethereum's circulating supply.

This means BitMine is only 96% of the way toward its stated 5% target after 14 months of purchases.

Lee describes this strategy as the 'Alchemy of 5%', positioning BitMine as one of Ethereum's largest institutional stakeholders.

The company has staked over 5 million ETH, worth around $9.8 billion, through its staking operations, with an estimated staking yield of 2.63% and annualized staking revenue of approximately $257 million.