Bitmine closes in on its 5% Ethereum supply target with a $75 million buy
Tom Lee's Bitmine bought another 27,562 ETH this week, pushing the company to 98% of its goal of holding 5% of Ethereum's entire circulating supply.
Bitmine Immersion Technologies, the ether treasury company chaired by Fundstrat's Tom Lee, added 27,562 ETH worth roughly $75 million to its holdings this week. The purchase brings its total position to 5,983,940 ETH — worth about $16.3 billion at current prices — and pushes the company to within striking distance of a target it set at the launch of its treasury strategy 15 months ago: owning 5% of Ethereum's entire circulating supply.
The 'alchemy of 5%'
Bitmine now holds just over 4.9% of Ethereum's roughly 122.1 million circulating supply, putting it at 98% of that goal. Of its total ETH position, more than 5 million tokens are staked, generating an estimated $357 million a year in rewards. The company's total assets — including crypto, cash and securities — stand at $17.1 billion, with smaller stakes in Eightco and Beast Industries alongside 212 BTC and $714 million in cash and securities.
Lee's bull case
Lee described a crypto bull market as underway, pointing to rotation of capital out of AI-related trades and into crypto, strengthening fundamentals, and what he characterized as the end of a four-year market cycle. He expects ether to outperform bitcoin through the fourth quarter as institutional allocations increase — a call that lines up with Bitmine's own accumulation strategy, though it's also one the company has an obvious financial interest in seeing play out.
Source: The Block