Bitmine Tries to Reach Alchemy of 5% with Another Ethereum Buy

Bitmine Immersion Technologies Inc., the company behind the 'Alchemy of 5%', has added another Ethereum buy to its portfolio. The move brings its total holdings to 4.9% of Ethereum's supply, leaving it just 0.1 percentage point away from its goal.

The company acquired 28,086 ETH at a price of $2,495 per coin, increasing its overall Ethereum holdings to 5.93 million. This represents over 85% of its total ETH stash, worth around $12.6 billion, through the Made in America Validator Network (MAVAN).

Bitmine's Chairman Tom Lee attributes the company's outperformance to the 'substantial outperformance of crypto versus other macro assets' this quarter. The stock has gained 99% since joining the Russell 1000 on June 26, making it the fourth-best performer in the index.