BitMine on Brink of Holding 5% of Ethereum Supply

BitMine Immersion Technologies (NYSE: BMNR) is rapidly approaching its goal of holding 5% of Ethereum's total supply. The company currently holds approximately $14.3 billion worth of ETH, representing 4.84% of the network's total supply. As of August 24, BitMine still needs to acquire around 187,000 ETH to reach its target.

The chairman of BitMine is Tom Lee, a well-known crypto bull and co-founder of Fundstrat Global Advisors. He refers to this goal as the 'Alchemy of 5%.' The company has been purchasing ETH every week since June 30, 2025, without interruption.

BitMine's predecessor was a small company specializing in immersion-cooled mining equipment, but it underwent a radical transformation when Tom Lee took over. The company now focuses on accumulating Ethereum instead of selling mining hardware.