Bitmine Surpasses $11 Billion in Crypto Holdings, Eyes 5% Ethereum Target

Bitmine Immersion Technologies (BMNR) has announced that its Ethereum holdings have reached 5.79 million tokens, representing 4.8% of the total ETH coin supply of 120.7 million. The company's crypto and cash holdings now total $11.8 billion.

In just 13 months, Bitmine has made significant progress towards its goal of acquiring 5% of the ETH supply, reaching 96% of this target. The company repurchased 6.1 million common shares in the past week under its $4 billion share repurchase program.

Bitmine's Chairman, Thomas 'Tom' Lee, believes that the recent increase in the ETH/BTC ratio is a sign that crypto prices are strengthening. He notes that this ratio has reached a 3-month high at 0.3000 and expects it to continue rising.