BitMine Crushes Ethereum Holdings Target, Institutions Flock

BitMine's recent Ethereum (ETH) purchases have brought its holdings to an all-time high, with the company staking over 86% of its total ETH, worth approximately $14.63 billion. This represents about 4.9% of Ethereum's circulating supply, just shy of the 'Alchemy of 5%' target set by Tom Lee.

According to data from SoSoValue, U.S. spot Ethereum ETFs recorded net inflows of $824.42 million last week, their largest weekly figure since October. This surge in institutional interest comes on the heels of ETH's impressive Q3 performance, which saw it outperform the S&P 500 by a staggering 5,430 basis points.

The company's Chairman, Tom Lee, believes that this sets the stage for institutions to add to their crypto holdings. He pointed to upcoming Senate procedural vote on the CLARITY Act and Korean investors rotating from AI stocks into crypto as factors contributing to this trend.