Bitmine Approaches 5% of Ethereum Supply Amid Market Insights
- Bitmine Immersion Technologies has acquired an additional 12,532 ETH, valued at approximately $32 million.
- The firm’s total ETH holdings now stand at about 6,028,946 ETH, worth around $15.3 billion.
- This amount represents roughly 4.9% of Ethereum’s total supply of 122.1 million tokens.
- Bitmine aims to own 5% of the total supply and is approximately 76,000 ETH short of this target.
- The company has staked about 5.07 million ETH, representing 84% of its holdings, with projected annual staking revenue of around $336 million.
Tom Lee highlighted that Wall Street’s increasing adoption of blockchain technology and AI applications could drive future crypto demand alongside treasury companies like Bitmine holding tokens long-term.
As Bitmine nears its goal with current holdings at approximately 4.9%, it plans to cease accumulation once it reaches the targeted 5%. (Source)
