BitMine Nears 6 Million ETH Amid Aggressive Ethereum Accumulation Strategy

BitMine Immersion Technologies, an American company, continues to aggressively accumulate Ethereum (ETH) as part of its crypto strategy. Last week, it purchased 27,180 ETH for around $68 million, bringing its total reserves to 5.96 million ETH or about 4.9% of the total supply.

This new purchase is notable because it remains close to the previous week's amount of about $69 million, demonstrating the company's commitment to achieving its internal target nicknamed 'Alchemy of 5%,' which aims to hold 5% of the total circulating Ethereum supply.

In fact, BitMine only needs around 144,000 ETH to reach this goal. The company already holds the largest Ethereum treasury and ranks second in overall crypto treasuries behind Strategy Inc., which has 845,080 BTC valued at about $71 billion.