- Bitmine increased its Ethereum holdings by 27,801 coins, getting it 96% closer to capturing 5% of ETH’s circulating supply.
- Tom Lee expects Robinhood Chain’s success to boost network activity and transaction volume in Ethereum.
Bitmine Immersion Technologies (BMNR), a digital asset platform focused on Ethereum (ETH), has topped up its crypto reserves over the past week. It comes despite Strategy (MSTR) skipping its usual weekly Bitcoin (BTC) purchases lately.
Bitmine’s Updated Ethereum Portfolio
The company confirmed in a press release on Monday that it has added 27,801 ETH to its treasury. It invested roughly $50.6 million in the recent acquisition at an estimated $1,820 per ETH.
Bitmine’s Ethereum purchase over the week was significantly lower than the 42,197 ETH it declared on July 6, costing $75.95 million based on Blockzeit’s Bitmine Ethereum Accumulation tracker. Nonetheless, it moves its total supply of the crypto asset closer to its “Alchemy of 5%” goal.
Under its “Alchemy of 5%” program, the business aims to capture 5% of Ethereum’s total supply, which is now at 120.68 million. Its purpose is to transform the volatile nature of the crypto asset into a reliable, high-yield revenue-making machine while acting as its institutional bridge to Wall Street.
With Bitmine’s 5,770,038 ETH portfolio, it already controls 4.78% of Ethereum’s total supply. It also means that the company is around 95.6% of achieving its target.
Bitmine’s Ether portfolio stacks with its 206 BTC holdings, $180 million stake in Beast Industries, $69 million stake in Eightco Holdings (ORBS), and $482 million in total cash and marketable securities.
To amplify its income, Bitmine staked approximately 85.22% of its Ether holdings, or 4,917,189 ETH, in MAVAN (Made in America Validator Network) and partners. Thomas “Tom” Lee, Chairman of Bitmine, projects the company to generate around $242 million in annual staking revenue at an annualized 2.7% yield.
Tom Lee Remains Optimistic on Ethereum
Lee remains optimistic about Ethereum amid the persistently bearish crypto market sentiment. He sees market tailwinds ahead following the breakaway success of the Robinhood Chain L2 mainnet built on Arbitrum (ARB).
In its first seven days of operation, Robinhood Chain has already processed $3.1 billion in decentralized exchange (DEX) volume. Lee noted that it immediately surpassed other more established DEXs, demonstrating its “outstanding utility and product market fit for Ethereum, which is the underlying chain.”
Lee highlighted that the Robinhood Chain uses ETH as its native gas token. Hence, the transaction fees of its 27 million users are denominated in ETH, and the Ethereum network settles their finality.
Furthermore, Lee reiterated that Bitmine’s inclusion in the Russell 1000 Large-Cap Index will significantly boost BMNR stock’s institutional exposure. He also expects the milestone to attract hundreds, or even thousands, of new institutional players to their company, which likewise gives them indirect exposure to ETH.
