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HONG KONG — Bitmine Immersion Technologies (BMNR) disclosed that its Ethereum holdings have reached 5.62 million tokens, representing 4.66% of ETH's total circulating supply of 120.7 million coins, with the company's combined crypto and cash holdings now standing at $10.4 billion.
The firm said it is 93% of the way toward an internal accumulation goal it has called the "Alchemy of 5%" — a target it has closed in on in just 11 months.
Racing Toward a Supply Milestone The "Alchemy of 5%" refers to Bitmine's stated aim of controlling 5% of all Ethereum in circulation, a threshold that would give one corporate entity an extraordinary concentration of one of the world's largest proof-of-stake networks.
At 4.66% of a 120.7 million-coin supply, the company has already established itself as a dominant single-entity holder of the asset.
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