BitMine Reaches 5.85 Million ETH, Closes in on Alchemy of 5% Goal

BitMine has made significant strides in its Ethereum accumulation strategy, reaching nearly 5.85 million ETH as of August 23. The company's latest acquisition saw it purchase 32,447 tokens over the past week, increasing its holdings by a staggering $3 billion to $14.3 billion.

This represents approximately 4.8% of Ethereum's total supply of 120.7 million tokens, with BitMine having completed 97% of its 'Alchemy of 5%' strategy. The company aims to control 5% of the altcoin's supply, a goal it began pursuing in late June last year.

Despite the recent price fluctuations in the crypto market, with ETH trading at $2,440 yesterday and experiencing a 30% surge since last Wednesday, BitMine has continued to make significant purchases. Its latest acquisition was notably higher than previous ones, which averaged around 10,000 ETH on several occasions.

Furthermore, BitMine has also been actively engaging in staking efforts, with over 5,067,300 tokens now being held in its Ethereum treasury, worth approximately $12.4 billion at current prices. This represents 87% of the company's entire Ethereum holdings.