- Bitmine continues its Ethereum token accumulation over the past week, increasing its digital asset treasury to 6.04 million ETH.
- Company chair Tom Lee is confident that Bitmine will outperform the crypto market amid recent drawdowns in Ether’s price.
Bitmine Immersion Technologies (BMNR), one of the world’s leading digital asset platforms, is roughly 100,000 tokens away from capturing 5% of Ethereum’s (ETH) circulating supply. Over the week, the company greenlit millions of dollars in purchases of the digital asset amid the recent market wind-downs.
Chairman Thomas “Tom” Lee is unbothered by the recent market sell-offs, with his sights fixed on the prize, insisting that Bitmine is about to outperform the crypto bull market.
Bitmine’s Latest Ethereum Purchases
In its disclosure on Monday, Bitmine revealed that it bought 12,535 ETH over the past week. The company didn’t mention the exact price it paid, but estimated the haul at around $29.65 million based on the digital asset’s Sunday valuation on Coinbase.
The move increases Bitmine’s digital asset treasury (DAT) portfolio to 6,041,481 ETH, accounting for nearly 4.95% of Ethereum’s roughly 122.15 million circulating tokens. The figures draw it closer to locking 5% of Ether’s supply, aligning with its “Alchemy of 5%” initiative.
The numbers stack with Bitmine’s 215 Bitcoin (BTC) holdings, $180 million stake in Beast Industries, $74 million stake in Eightco Holdings (ORBS), and $582 million in total cash and marketable securities.
To optimize its DAT portfolio, Bitmine staked approximately 83.88% of its Ether holdings across its proprietary MAVAN (Made in America Validator Network) and partners. It expects to generate $309 million in annualized passive income from the venture.
Bitmine remains the top public holder of Ethereum and second only to Strategy (MSTR) in terms of DAT value.
Positive Outlook in Ether
Lee appeared unfazed by the recent drawdown in Ether, which dragged its price to $2,300 over the past week. He explained that investors’ risk appetite simply contracted during the period, fueled by the worrying combination of artificial intelligence (AI) funding and model safety. Escalating tensions between the US and Iran, anxiety over the US mid-term elections, and generally rising bond yields globally have further driven the trend.
The chairman also noted that crypto is widely held in the US, South Korea, and Taiwan. Hence, when investors in those jurisdictions de-risk, they create spillover pressures across the crypto markets. Nonetheless, he’s confident that the crypto market’s fundamentals, especially Ethereum, remain resilient and strong. Likewise, he merely considered the price declines as attractive risk/reward opportunities.
Lee emphasized that given Bitmine’s disciplined approach to Ethereum accumulation even in bear markets, it’s positioned to outperform the broader crypto market once the bull market goes full swing.
