Bitmine Reaches Ethereum Holdings Milestone, Eyes 5% Target

Bitmine Immersion Technologies (BMNR) announced its Ethereum holdings have reached 5.85 million tokens, and total crypto and cash holdings of $14.9 billion.

The company owns 4.8% of the total ETH coin supply of 120.7 million, which is a significant milestone in its 'Alchemy of 5%' initiative.

According to Thomas 'Tom' Lee, Chairman of Bitmine, the recent 30% weekly gain in ETH is comparable to previous instances where similar gains led to subsequent increases of +170% and +167%, respectively.

Bitmine's staking operations have generated a 7-day yield of 2.67%, with projected annualized ETH staking rewards of $381 million when the company's holdings are fully staked by MAVAN and its partners.