Bitmine Surpasses $11.8 Billion in Ethereum Holdings, Closes In On 'Alchemy of 5%'

Bitmine Immersion Technologies (BMNR) announced its Ethereum holdings have reached 5.79 million tokens, totaling $11.8 billion in value. This milestone is significant as it brings Bitmine closer to achieving 'the alchemy of 5%,' a goal that aims to acquire 5% of the total ETH coin supply. Currently, Bitmine owns 4.8% of the 120.7 million total ETH coins.

In addition to its Ethereum holdings, Bitmine's total cash and marketable securities amount to $268 million. The company has also staked 4,917,189 ETH on the MAVAN platform, representing a value of $9.6 billion at the current price of $1,948 per ETH.

Bitmine repurchased 6.1 million common stock shares in the past week under its previously authorized $4 billion share repurchase program. Chairman Thomas 'Tom' Lee stated that the company views the rising ETH/BTC ratio as a sign that crypto prices are strengthening.