Bitmine Nears Alchemy of 5% with 6 Million Ether Tokens

Bitmine's Ethereum treasury has reached an impressive milestone, accumulating over 6 million ETH tokens in under 15 months. The company added 17,362 ETH last week, its smallest purchase since August 17th. This means it still needs to buy about 104,000 more ETH to reach its goal of owning 5% of ether's total supply.

Chairman Tom Lee stated that this is a 'tremendous achievement' and that the company continues to see 'affirming signs that a crypto bull market is underway.' He also noted that institutions remain underweight in crypto. The staked amount remains unchanged at 5,067,309 ETH, worth around $13.7 billion and roughly 84% of its holdings.

Bitmine valued its total holdings, including cash and outside investments, at $17.2 billion. This includes stakes in Beast Industries and Eightco Holdings, as well as a significant amount of bitcoin and cash.