Tom Lee’s Bitmine Buys 26,497 ETH as Holdings Reach 4.49% of Ethereum Supply
Highlights
- Bitmine bought 26,497 ETH last week and now holds over 5.4 million ETH.
- The BMNR stock is down over 3% amid this development.
- Tom Lee stated that the ETH price isn't reflecting the strengthening Ethereum fundamentals.
Ethereum treasury firm Bitmine added more ETH last week, with its holdings climbing above 5.4 million ETH, representing 4.49% of the total supply. The BMNR stock is down amid this development, with the stock mirroring Ethereum’s price performance.
Bitmine Adds 26,497 ETH, Ethereum Holdings Rise Above 5.4 Million Coins
In a press release, the Ethereum treasury firm revealed that its holdings now stand at 5,416,901 ETH, signaling that it acquired 26,497 ETH last week. The company’s holdings now represent 4.49% of the total Ethereum supply, and it is 90% of the way to reaching its goal of holding 5% of the total supply.
This follows Bitmine’s purchase of 111,942 ETH, which was one of its largest purchases this year. Meanwhile, the company announced that its total staked ETH stands at 4,718,677, worth around $9.5 billion, making it the entity with the most ETH staked.
Bitmine’s Chairman, Tom Lee, stated that, at scale, they project an ETH staking reward of $296 million annually. The 4.7 million staked ETH notably represents 87% of the company’s total Ethereum holdings.
Meanwhile, the Ethereum firm currently holds an unrealized loss of over $8 billion on its ETH holdings, with an average price of $3,484, according to DropsTab data. Tom Lee and Bitmine continue to accumulate more ETH even as the Ethereum price remains in a downtrend. The company is currently the second-largest digital asset treasury firm behind Michael Saylor’s Strategy, which recently offloaded some of its Bitcoin holdings.
BMNR Stock Down Amid Latest Purchase
The Bitmine stock is down amid the latest purchase by the Ethereum treasury firm. The crypto stock is currently trading at around $18, down over 3% at the market open, according to TradingView data.
The BMNR stock is also down over the last five days, mirroring Ethereum’s downtrend. Commenting on ETH price action, Tom Lee stated that the price does not reflect the strengthening of Ethereum fundamentals. However, he added that this is not surprising since ETH is in the early stages of the crypto spring.
The Bitmine chairman had before now stated that they were seeing early signs that the bear market may be over, with ETH and the broader crypto market about to begin a bull run. Meanwhile, in his latest remarks, he reiterated that they expect to reach their goal of holding 5% of the total Ethereum supply sometime in 2026.
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