BitMine Immersion (NYSE: BMNR) is once again capturing market attention as its Ethereum (ETH) holdings have surged from 833,137 to more than 1.15 million tokens in just one week.
With an ETH portfolio valued at over $4.96 billion, the blockchain technology firm is currently the world’s largest Ethereum treasury.
As a result of the inflows, BMNR shares have jumped nearly 90% over the past five days, sitting at $60.23 in pre-market at the time of writing.
Will BitMine own 5% of the total Ethereum supply?
Thomas “Tom” Lee, BitMine Board Chairman and Fundstrat co-founder, describes the rapid buildup as part of the company’s goal to acquire 5% of the total Ethereum supply, a plan known as “the alchemy of 5%.”
Institutional confidence appears to support the mission, with investors such as Founders Fund, Kraken, and Digital Currency Group now backing the company.
At this rate, legal expert John E. Deaton predicts, BitMine is actually set to become the second-largest crypto treasury company overall in the next month, only behind Michael Saylor’s Strategy (NASDAQ: MSTR), whose crypto accumulation strategy has also been paying off as of late.
Lee also mentioned in a social media post that BMNR became one of the top 25 most liquid stocks in the U.S. based on trading volume.
Indeed, the stock posted an average daily volume of $2.2 billion over the past week, which puts it ahead of the likes of JPMorgan (NYSE: JPM).
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