Bitmine's Ethereum Holdings Top $11.6 Billion

Bitmine Immersion Technologies (BMNR) has announced that its Ethereum holdings have reached 5.81 million tokens, representing a total of $11.6 billion in value.

The company's ETH holdings make up 4.8% of the total ETH supply, and it is now 96% of the way to achieving the 'Alchemy of 5%' goal in just 14 months.

Bitmine's shares have seen strong outperformance over ETH in the past, and Chairman Thomas Lee believes that easing financial conditions will be a tailwind for crypto.