Bitmine crosses 5 million Ether, hits 84% of accumulation target

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Bitmine leverages Ethereum's staking yield to enhance returns and build a cash flow stream.

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Bitmine Immersion Technologies (BMNR) has crossed the 5 million ETH threshold, equivalent to roughly 4.2% of the asset’s total circulating supply, according to a Monday press release. The company is now 84% of the way toward its target of owning 5% of all Ether in existence.

At current levels of $2,314 per ETH, Bitmine’s Ether position is valued at about $11.5 billion. In addition, the company holds $940 million in cash, along with investments of $200 million in Beast Industries and $91 million in Eightco Holdings, resulting in total assets of $13.3 billion.