Bitmine's Ethereum Holdings Surge to $11.8 Billion

Bitmine Immersion Technologies (BMNR) announced its Ethereum holdings have reached 5.79 million tokens, totaling $11.8 billion in crypto and cash assets.

The company has 4.8% of the total ETH coin supply of 120.7 million, making it the largest ETH treasury in the world. Bitmine's chairman, Thomas 'Tom' Lee, stated that this milestone marks the 'Alchemy of 5%' initiative, which they aim to achieve.

Bitmine repurchased 6.1 million common stock shares in the past week under its $4 billion share repurchase program and has staked 4.9 million ETH on the MAVAN platform, generating a 7-day yield of 2.65% (annualized).