Bitmine Reaches Milestone with 4.8% Stake in Ethereum

Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings have reached 5.81 million tokens, accounting for 4.8% of the total ETH coin supply of 120.7 million.

The company's crypto and cash holdings now total $11.6 billion, with Bitmine being 96% of the way to achieving the 'Alchemy of 5%' goal in just 14 months.

Bitmine has made significant strides in recent months, with its shares outperforming ETH by 1,100 basis points in July, similar to past instances where Bitmine's shares saw strong gains following such outperformance.

The company repurchased 3 million common stock in the past week and has cumulatively repurchased over 19 million shares since July under its $4 billion share repurchase program.