Bitmine Is 94% Of The Way To Its 5% ETH Supply Goal
The firm now holds 4.7% of Ethereum’s total supply of 120.7 million coins, putting the company just shy of its long-standing target to acquire 5% of the network.
The company’s total crypto, cash, and marketable securities holdings now stand at $9.8 billion, including a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings (NASDAQ:ORBS).
Chairman Thomas “Tom” Lee attributed last week’s 8% drop in ETH to quarter-end window dressing, where investors trim positions in assets that have underperformed over the past three months.
He pointed to Ethlabs’ creation and the Bank of England softening its stance on stablecoins as genuine positive developments the market largely ignored amid the selling.
