Bitmine Nears 5% Ethereum Target with $41 Million Purchase
Bitmine has acquired an additional 15,112 Ethereum (ETH) tokens, worth approximately $41 million, extending its weekly buying streak. The purchase brings its total ETH holdings to 6,016,414, valued at around $16.4 billion, representing 4.9% of Ethereum's total supply. This places Bitmine 99% of the way to its ambitious "Alchemy of 5%" target, a goal set to control 5% of the Ethereum network.
Bitmine Chairman Tom Lee asserted that a crypto bull market is "underway," highlighting Ethereum's strong performance. He noted that ETH has outperformed the S&P 500 by 6,832 basis points this quarter, despite macroeconomic challenges like a hawkish Federal Reserve and rising global bond yields.
Including cash, other tokens, and "moonshot" investments, Bitmine's total holdings now stand at $17.4 billion. This includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million position in Eightco Holdings, which provides indirect exposure to OpenAI.
Bitmine remains the largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which holds about 847,666 BTC. The company continues to generate staking income, with 5,067,309 ETH, or 84% of its holdings, staked through its MAVAN platform, projecting annualized revenue of roughly $363 million.