BitMine Surpasses 6 Million ETH Holdings as Ethereum Supply Concentration Reaches 4.9%

BitMine Immersion Technologies has significantly expanded its Ethereum holdings to over 6 million ETH after acquiring 17,362 tokens in the past week. This milestone marks a substantial increase in the company's position, which now accounts for approximately 4.9% of Ethereum's circulating supply.

The acquisition brings BitMine closer to its stated goal of owning 5% of all ETH, with a remaining target of just 1.9%. The company's total crypto holdings, including cash and marketable securities, were valued at $17.2 billion as of September 27.

BitMine has also staked a significant portion of its Ethereum holdings, with 5,067,309 tokens committed to the proof-of-stake system. This represents approximately 84% of its total Ethereum position, which can generate rewards for the company.