Bitmine Accelerates ETH Buys, Treasury Hits 4.6M Coins

TLDR

• Bitmine increased its Ethereum purchases and lifted its treasury to 4.596 million ETH.
• The company bought 5,000 ETH directly from the Ethereum Foundation through an over-the-counter deal.
• Tom Lee said Bitmine added 60,999 ETH in the past week, exceeding its recent weekly average.
• Bitmine now controls about 3.81% of Ethereum’s total supply.
• The company reported total crypto holdings, cash, and investments of about $11.5 billion.

Bitmine Immersion Technologies increased its Ethereum purchases and expanded its treasury to 4.596 million ETH. The company disclosed a direct 5,000 ETH purchase from the Ethereum Foundation. Chairman Tom Lee confirmed the firm accelerated weekly accumulation in recent weeks.

Bitmine Expands Ethereum Holdings and Staking Operations

Bitmine added 60,999 ETH over the past week, Lee said on Monday. He stated that recent weekly purchases averaged between 45,000 and 50,000 ETH. The latest buying pace exceeded that recent range.

The company structured the 5,000 ETH transaction over the counter with the Ethereum Foundation. Lee said the structure allowed the foundation to fund operations without selling on exchanges. As a result, Bitmine avoided open market impact during the purchase.

Bitmine now controls about 3.81% of Ethereum’s total supply. The company reported total crypto holdings, cash, and investments of about $11.5 billion. It said 3,040,515 ETH remain staked, representing about 66% of its treasury.

Bitmine valued its staked Ether at roughly $6.6 billion at a price of $2,185. The company estimates staking generates about $180 million in annualized revenue. It plans to expand operations through its Made in America Validator Network.

Lee said the Made in America Validator Network will launch in the coming months. He stated the network will increase staking capacity and validator participation. The company confirmed it will continue expanding its Ethereum position.

Corporate Treasuries Increase Exposure to Ether and Bitcoin

Corporate entities now hold about 6.6 million ETH across seven countries. CoinGecko data shows those holdings equal about 5.47% of the total Ether supply. Public companies slowed their accumulation during the past month.

Among the 20 largest corporate Ether treasuries, only four increased holdings in 30 days. Bitmine added 269,824 ETH during that period. SharpLink added 3,859 ETH, while Eightco added 11,068 ETH.

Eightco raised $125 million to expand blockchain and artificial intelligence investments. Bitmine invested $75 million in that funding round. ARK Invest and Payward, Kraken’s parent company, each committed $25 million.

As part of the agreement, Lee joined Eightco’s board. The companies confirmed the capital will support growth initiatives. They disclosed the funding details last week.

Earlier today Strategy disclosed a separate Bitcoin purchase. The company acquired 22,337 BTC for $1.57 billion. Strategy now holds more than 760,000 Bitcoin.

Shares of Bitmine, trading under BMNR, closed up nearly 14% at $23.39. Yahoo Finance reported the closing price data. At press time, Ether traded near $2,342, up nearly 11% in 24 hours.

Ether’s year-to-date decline stands near 21%. The cryptocurrency’s market capitalization measures about $282 billion. Circulating supply totals approximately 120.7 million ETH.

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