Bitmine Drops $131M on Ethereum
Bitmine buys $131M of ETH, raising its stash to 4.9% of total supply.
The update
Bitmine acquired 53,501 ETH, valued at approximately $131 million. This purchase is the company’s largest weekly ETH buy since June and extends a 65-week accumulation streak. The buy raises Bitmine’s ETH holdings to 5,901,112 tokens. This represents 4.9% of Ethereum’s total supply and brings the company 98% of the way to its “Alchemy of 5%” goal of controlling 5% of the network.
Why it matters
The move signals institutional confidence in Ethereum’s performance during the third quarter. Chairman Tom Lee highlighted Ethereum’s outperformance compared to the S&P 500 and argued that such results could attract further institutional capital. Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy.
What to watch
Whether other crypto treasuries will follow Bitmine’s lead. The company’s strategy relies on staking 86% of its ETH through MAVAN, projecting annual revenue of about $335 million. Market observers should also monitor if this accumulation pace continues or slows.
Sources
- decrypt.co — Purchase amount, token count, total holdings, staking details, and chairman's comments.
- coindesk.com — Chairman Tom Lee's comments on crypto's strong Q3 and institutional outlook.