Bitmine Sets Sights on Controlling 5% of Ethereum Supply

Bitmine, an ETH treasury company, has made significant additions to its holdings. The company acquired 71,672 Ether (ETH) over the past week, bringing its total ETH reserves to more than 5.28 million tokens.

The purchase was timed to take advantage of ETH's recent price drop below $2,200, according to Tom Lee, chairman of Bitmine Immersion Technologies.

Bitmine aims to control 5% of Ethereum's supply by 2026 and still needs approximately 756,538 tokens to reach this goal. It currently holds more than 6 million ETH, representing a substantial portion of the token's circulating supply of 120.7 million.

ETH traded between $2,081 and $2,341 over the past seven days, with an average price of around $2,128 on Tuesday. This represents an 8.7% decline compared to the same period.