Bitmine Buys More ETH Ahead of Clarity Act Vote, Sees Year-End Rally
Bitmine has continued to bolster its Ethereum holdings by acquiring an additional 27,180 ETH last week. This move brings the company's total Ethereum stash to 5,956,378, representing a significant portion of the total supply. Chairman Tom Lee cited the upcoming Clarity Act vote as a key catalyst for a potential year-end rally in the cryptocurrency market.
According to Bitmine, its current holdings account for approximately 4.9% of the total Ethereum supply and are now just 2% shy of reaching their goal of holding 5% of the total supply. The company's staked ETH also stands at a substantial 5,067,309, valued at nearly $13 billion at current prices.
Tom Lee emphasized the importance of the Clarity Act vote in his statement, saying that it is one of several positive catalysts heading into the final months of the year. He noted that President Trump's agreement to the ethics provision has boosted the chances of the Senate passing the crypto bill before the mid-term recess.