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ETH Bitmine Immersion Technologies increased its holdings of Ethereum, approaching its 5% target of total supply.
Bitmine Immersion Technologies recently purchased another 9,926 Ethereum (ETH) units worth approximately US$19 million, bringing its total holdings to 5.82 million ETH units. Currently, the company's Ethereum assets are worth approximately US$11 billion, just one step away from its goal of controlling 5% of Ethereum's circulating supply.
Bitmine said in an announcement released on Monday that it currently has 5,815,164 ETH in its asset pool, plus cash and other assets, with a total value of approximately US$11.4 billion. Ethereum's positions account for approximately 4.8% of Ethereum's current circulating supply (120.7 million units).
Tom Lee, chairman of, said Bitmine has achieved 96% of its own "5% alchemy" goal. This goal began 14 months ago, when the company began purchasing Ethereum every week. Lee pointed out in the statement: "The price ratio of Ethereum to Bitcoin has exceeded the long-term downward trend of the past few years. We believe this marks that the market is beginning to see the actual implementation of tokenization and proxy AI applications, and Ethereum will benefit from it. We expect that the easing of the financial environment will become a driving factor for cryptocurrencies."
In addition to Taifang, Bitmine also holds 210 bitcoins (approximately US$13.4 million), US$78 million in cash and securities, and equity in Beast Industries and Eightco Holdings, valued at approximately US$180 million and US$73 million respectively. In addition, the company pledged 5,067,309 ETH units through its MAVAN Verifier Network.
Since launching its asset library strategy last summer, Bitmine has purchased Ethereum every week. In April this year, the company made two acquisitions of approximately $235 million each, one of which purchased 10,000 ETH units directly from the Ethereum Foundation, bringing its total position to exceed 5 million units. In June, Bitmine added another $214 million in ETH amid what Lee called a "superficial" wave of cryptocurrency selling. In July, the company purchased another $49 million worth of Ethereum. As of early August, its Ethereum position as a proportion of circulating supply remained at 4.8%.
The price of Ethereum rose slightly by about 1.4% today and has now recovered to above US$1,900. Traders are generally bearish on the token and currently predict that there is a 75% probability that ETH will fall back to US$1,500 first and then return to US$3,000.
