Crypto
BitMine Nears Control Over One-Twentieth of All Ethereum
BitMine Immersion Technologies has acquired nearly 5% of all Ethereum in existence, making it one of the largest holders of the cryptocurrency.
The company, led by Tom Lee, holds 5.98 million ETH worth $17.1 billion and is just weeks away from owning one-twentieth of all Ethereum that will ever exist.
Lee's goal, dubbed the 'Alchemy of 5%', aims to own one out of every twenty ETH in existence, with BitMine now 98% of the way there after buying ETH every week since June 30, 2023.
The company has a diverse backer list, including Cathie Wood's ARK Invest and Peter Thiel's Founders Fund, who believe that owning the network is key to profiting from Ethereum.