Bitmine Reaches $11.8 Billion in Holdings, Eyes 5% of Ethereum Supply

Bitmine Immersion Technologies (BMNR) has announced that its Ethereum holdings have reached 5.79 million tokens, representing 4.8% of the total ETH coin supply of 120.7 million.

The company's total crypto and cash holdings now stand at $11.8 billion, with a significant portion being invested in Ethereum staking through its MAVAN platform.

Bitmine has been actively buying back shares under its $4 billion repurchase program, with 6.1 million common stock purchased in the past week alone.

Chairman Thomas 'Tom' Lee stated that the company views the rising ETH/BTC ratio as a sign of strengthening crypto prices, and that they believe the next key levels to clear for ETH are $2,000 and $2,500.