Bitmine Surpasses Six Million Ethereum Tokens After Latest Purchase

Bitmine Immersion Technologies (NYSE: BMNR) has surpassed six million Ethereum (ETH) tokens after purchasing 17,362 ETH last week. The Norwalk, Connecticut-based company now holds 6,001,302 ETH, accounting for about 4.9% of Ethereum's total supply.

The purchase brings Bitmine's overall holdings to $17.2 billion as of September 27, with the majority being Ethereum valued at $16.2 billion. The remaining balance sheet consists of 213 BTC, a $180 million stake in Beast Industries, and $672 million in cash and marketable securities.

Thomas 'Tom' Lee, co-founder of Fundstrat Global Advisors and Bitmine chair, stated that the company is 98% towards its goal of owning 5% of all ETH in circulation. To reach this target, Bitmine needs approximately 103,700 more tokens.