Bitmine Immersion Technologies (BMNR) increased its ether treasury to 5.77 million ETH tokens, giving it control of 4.8% of the world's second-largest cryptocurrency, the company said Monday.
At $1,820 per ETH, the Ethereum treasury is worth roughly $10.5 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $54 billion bitcoin position, according to a statement.
The latest figure marks an increase of 27,801 ETH over the prior week and places Bitmine 96% of the way toward its stated "alchemy of 5%" target, representing 5% of ether's 120.7 million-token supply.
Chairman Tom Lee said the company is maintaining an elevated pace of buying, pointing to the July 1 mainnet launch of Robinhood Chain as evidence of Ethereum's utility and product-market fit.
"Robinhood's 27 million users are paying crypto fees denominated in ETH," Lee said in the statement. "In other words, everyday users are starting to see ETH as money."
