BitMine Tops ETH Stash With $135M Fresh Buy

BitMine Immersion Technologies has strengthened its position as the largest publicly traded company holding ether through its latest acquisition. It recently acquired $135 million in ETH. Led by Tom Lee, a co-founder of Fundstrat, BitMine is focused on accumulating and staking more ETH.

According to data from Arkham Intelligence, the company now owns 5,620,754 ETH, which is 4.66% of Ether’s total supply. These ether holdings are valued at about $9.66 billion, and its total digital assets exceed $10.4 billion.

Alchemy of 5% Underway

The ether-hungry firm purchased approximately 76,881 ETH over the past week, expanding its treasury through fundraising and strategic investments. The latest acquisition increased its total holdings to 5,620,754 ETH.

Notably, this substantial buy comes at a pivotal moment as ether recently climbed above $1,700. As of this writing, ETH trades at $1,802 per CoinGecko data.

BitMine has previously noted that it is working toward attaining the “Alchemy of 5%” goal. This implies that it aims to hold 5% of ETH’s total supply. Following its latest acquisition, the firm now holds 4.66% of the supply. If current trends continue, BitMine is likely to achieve this goal in just a few months. 

BitMine Keeps Buying Despite Ethereum’s Difficult Stretch

BitMine’s recent purchase is part of an ongoing acquisition campaign that has progressed steadily over the past few weeks, even as ETH struggles against its competitors. The company briefly slowed down its buying pace after quickly building its treasury but resumed accumulating assets as prices remained low. 

This persistence is noteworthy given that ETH has underperformed compared to several major cryptocurrencies recently, despite a wider recovery in the digital asset markets. Earlier this month, Tether’s USDT briefly surpassed ETH in market capitalization, highlighting the pressure on the Ethereum network. 

The shift indicated investor caution towards Ethereum and reflected an increasing demand for stable assets during uncertain market conditions. Despite these challenges, BitMine has continued to expand its holdings. 

Meanwhile, Bloomberg ETF analyst Eric Balchunas recently quoted Lee when he said that BitMine might eventually halt its purchases once it reaches its 5% supply target. This target has become a key focus for investors who are monitoring the company’s aggressive accumulation strategy and its influence within the Ethereum ecosystem.

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