BitMine Accumulates Nearly 6 Million ETH, Approaching 5% Ownership Target

BitMine Immersion Technologies has accumulated nearly 6 million ether, giving the publicly traded company control of approximately 4.9% of the cryptocurrency’s circulating supply. The company’s holdings are valued at about $16.1 billion based on the reported figures.

Company Nears “Alchemy of 5%” Goal

BitMine is now roughly 121,000 ETH short of Chairman Tom Lee’s stated “Alchemy of 5%” target. Reaching that level would give the company exposure to approximately one-twentieth of all ether in circulation.

The latest reported purchase involved 53,501 ETH. The acquisition adds to a buying strategy that has seen BitMine purchase ether every week since June 30, according to records cited in the report.

Ether Accumulation Strategy

BitMine’s approach places ether at the center of its corporate treasury strategy. The company’s growing holdings make it one of the largest publicly disclosed corporate holders of the asset and could increase its sensitivity to movements in ether’s market price.

Ether has recently traded near the $2,500 level, with market participants monitoring whether the cryptocurrency can establish sustained support above that threshold. BitMine’s continued purchases come as the broader market evaluates demand for ether from corporate treasuries and other institutional investors.