Bitmine Nears 5% of Ethereum Supply, Institutional Backing Fuels Ambitious Goal

Bitmine Immersion Technologies is closing in on its goal of owning 5% of all circulating Ethereum. The NYSE-listed company currently holds between 5.54 million and 5.77 million ETH, representing approximately 4.59% to 4.78% of the estimated 120.7 million ETH in circulation. This leaves roughly 507,000 ETH between Bitmine and its target of 6.035 million ETH.

The company's 'alchemy of 5%' strategy involves buying a large amount of Ethereum, staking it for yield while continuing to buy more. Chairman Tom Lee has been the architect of this plan, which has attracted institutional backing from ARK Invest, led by Cathie Wood, alongside Founders Fund and Pantera Capital.

Bitmine's total crypto and cash holdings now sit between $9.6 billion and $11.3 billion. The company's stock has become one of the most actively traded equities in the US market, with daily volumes reaching into the hundreds of millions and sometimes billions of shares.