Tom Lee’s Bitmine Adds 111,942 ETH as Holdings Near 4.5% of Ethereum’s Total Supply
Highlights
- Bitmine added 111,942 ETH last week and now holds almost 5.4 million ETH.
- The company's holdings represent over 4.47% of the total ETH supply.
- The BMNR stock is up amid the announcement of this latest purchase.
Ethereum treasury firm Bitmine has added over 110,000 ETH to its holdings, with the company now almost 90% of the way to reaching its goal of holding 5% of the total ETH supply. The BMNR stock is up amid the announcement of this latest purchase, with the firm also on course to join the Russell 1000.
Ethereum Treasury Bitmine Acquires Over 110,000 ETH
In a press release, the firm announced that it acquired 111,942 ETH over the past week and now holds 5,390,404 ETH, which are 4.47% of the total Ethereum supply. The company’s chairman, Tom Lee, said that they view the recent pullback in ETH to below $2,200 as an attractive opportunity.
Meanwhile, Bitmine expects to reach its ‘alchemy of 5%’ goal of holding 5% of the total ETH supply sometime this year. As CoinGape reported, Bitmine bought 60,000 ETH over the weekend as part of this latest 111,942 ETH purchase.
The Ethereum treasury company made the purchase as ETH dropped to as low as $2,000. The company has also staked 4,712,917 ETH, worth just over $10 billion. Tom Lee stated that at scale, they project their staking reward to be $276 million annually.
Bitmine currently holds an unrealized loss of $7.3 million on its ETH holdings with an average price of $3,513, according to DropsTab data. The ETH price is currently trading at around $2,100, according to TradingView data.
The Bull Case For Ethereum Remains The Same
Tom Lee reiterated their bull case for Ethereum amid the announcement of the latest ETH purchase. He said that they continue to expect a supercycle ahead for crypto and Ethereum, which will be driven by the dual drivers of Wall Street tokenization and agentic AI.
“And thus, we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens,” he added. Bitmine’s stock is up amid the announcement of this latest purchase. The crypto stock is currently trading at around $19, up over 2% today, according to TradingView data. The stock is also up as Bitmine could join the Russell 1000.
Tom Lee announced over the weekend that Bitmine is on course to be included in the Russell 1000. He highlighted how this is bullish for the crypto stock, noting that many active managers buy equities only in the Russell 1000.
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