Bitmine Reaches 99% of 'Alchemy of 5%' Target with Latest Ethereum Purchase

Bitmine Immersion Technologies has continued its unbroken buying streak, adding another 15,112 Ethereum to its treasury. This purchase brings the company's total Ethereum holdings to 6,016,414, valued at around $16.4 billion at the current price of $2,726 per coin.

This represents 4.9% of Ethereum's 122.1 million token supply, leaving Bitmine 99% of the way to its goal of controlling 5% of the network, a target it calls the 'Alchemy of 5%.'

Chairman Tom Lee has insisted that a crypto bull market is 'underway,' citing the company's stock performance and Ethereum's recent gains.

Bitmine's total holdings now reach $17.4 billion, including 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million position in Eightco Holdings.