- Bitmine added 71,672 coins to its Ethereum treasury, increasing its reserves to around 5.28 million ETH.
- Chairman Tom Lee considered Ether’s recent pullback a good buying opportunity, prompting the company to accelerate its acquisition of the asset.
Bitmine Immersion Technologies, a digital asset platform, continues to solidify its position as the largest Ethereum (ETH) accumulator. On Monday, the company announced increasing its control over the asset by securing more than 4.37% of its 120.7 million supply.
Ethereum Portfolio of Bitmine
The business revealed that it purchased 71,672 ETH over the last seven days. It didn’t disclose the price at which it bought the coins, but its press release valued the asset at $2,191 per ETH, bringing the cost to approximately $157.03 million.
Bitmine holds 5,278,462 ETH worth $11.57 billion at the time of the disclosure. The supply adds to its 202 Bitcoin (BTC), $200 million stake in Beast Industries, $83 million stake in Eightco Holdings (ORBS), and total cash reserve of $685 million.
To optimize revenue from its Ether holdings, Bitmine has staked 4,712,917 ETH, equivalent to $10.3 billion at $2,191 per ETH, across its proprietary MAVAN (Made in America VAlidator Network) platform and partners.
The company notably generates $289 million in annualized staking revenues. Meanwhile, it estimates raising the numbers to $324 million annually if it fully stakes its holdings within the same platforms.
Tom Lee’s Ethereum Forecast
Ethereum pulled back from nearly $2.4K last week to $2.1K on Monday. It ran contrary to the assessment of Tom Lee, Chair of Bitmine, that the “crypto spring” has arrived. Nevertheless, he considered the price decline as “an attractive opportunity.”
Rather than slowing Bitmine’s pace of Ethereum acquisitions as it nears its goal of capturing 5% of ETH’s supply, Lee viewed the dip as a chance to buy the asset at a discount.
Lee’s continued optimism about Ether is driven by positive developments in the Clarity Act, which finally underwent a markup on the Senate floor last Thursday. He believes that the passage of the legislation will usher in the “necessary regulatory clarity” in the crypto industry. Additionally, the chairman highlighted that the legislation will guide Wall Street as it builds the next generation of financial products and architecture.
Citing Polymarket data, Lee is confident that there’s an over 61% chance the Clarity Act will get enough votes, elevating it to US President Donald Trump’s desk for signature this year. However, he admitted that there are still many steps and hurdles to the bill’s passage along the way.
