Bitmine's Ethereum Holdings Surge Past 5.6 Million Tokens

Bitmine Immersion Technologies has announced that its Ethereum holdings have reached 5.62 million tokens, bringing it closer to its goal of owning 5% of the total supply.

The company's ether position represents 4.66% of Ethereum's 120.7 million token supply, which puts Bitmine at 93% of what Chairman Tom Lee calls the 'Alchemy of 5%' target.

Lee stated that the current pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals and believes they are in the early stages of a 'crypto spring.'

The company's total holdings, including crypto, cash, marketable securities, and strategic investments, now total $10.4 billion.