Tom Lee's BitMine Is Close to Owning 5% of All ETH: What Happens to BMNR When It Does? - BitMine Immersio

BitMine Immersion Technologies (NASDAQ:BMNR) is closing in on its ambitious target of owning 5% of Ethereum (CRYPTO: ETH) supply, raising questions about what happens to ETH demand once the crypto treasury giant reaches its goal.

BitMine's Efficient Strategy BitMine, which began life as a Bitcoin mining company before pivoting toward an Ethereum treasury strategy, has accumulated 5.81 million ETH worth nearly $11 billion at current prices.

That represents roughly 4.8% of Ethereum's circulating supply and puts the company about 96% of the way toward its stated 5% target after 14 months of purchases.

Fundstrat co-founder and BitMine chairman Tom Lee has described the strategy around reaching that threshold as the "Alchemy of 5%," effectively positioning BitMine as one of Ethereum's largest institutional stakeholders.

But unlike Strategy (NASDAQ:MSTR), whose digital asset treasury strategy centers primarily around accumulating and holding Bitcoin (CRYPTO: BTC), BitMine can put its Ethereum to work.