Bitmine Soars Past 97% of Ethereum Target Amid Crypto Recovery

Bitmine Immersion Technologies has accelerated its pursuit of owning 5% of all Ethereum after adding 32,447 ETH over the past week. This acquisition brings its total holdings to about 5.9 million ETH, representing 4.8% of Ether's total supply.

The company has staked over 5 million ETH, accounting for 87% of its ETH holdings and approximately $12.4 billion at its stated ETH price. Bitmine Chairman Thomas 'Tom' Lee sees room for the rally to extend, pointing out that similar 30% weekly gains in 2021 and 2025 were followed by larger advances.

Lee attributes the current surge in Ethereum's value to increasing use of the cryptocurrency relative to Bitcoin, driven by Wall Street's adoption of blockchain technology. He also notes the rising importance of agentic-AI using blockchains.