BitMine Reaches 6M Ethereum, Tops 98% Towards 'Alchemy of 5%' Goal

BitMine Immersion Technologies (BMNR) has reached a major milestone in its Ethereum treasury, crossing 6 million ETH. The company now holds roughly 4.9% of Ethereum's total supply and is about 98% of the way towards Chairman Tom Lee's goal of acquiring 5% of Ethereum's total supply.

The Ethereum stack, also known as the 'Alchemy of 5%', has been a key focus for BitMine. The company acquired 17,362 ETH during the past week to bring its total holdings to 6 million. This puts BitMine at about 98% of the way towards Lee's goal.

BitMine also reported that more than 5.06 million ETH is currently staked through its MAVAN platform and other staking partners, with projected annualized staking revenue of about $358 million.