- Bitmine ramped up its Ethereum purchases to 53,501 tokens over the week, estimated at around $134.34 million.
- It now controls 5,901,112 ETH, accounting for 4.89% of Ether’s circulating supply.
- The company staked 85.87% of its ETH portfolio to generate $335 million in passive income annually.
Bitmine Immersion Technologies (BMNR), an Ethereum (ETH)-focused digital asset treasury (DAT) company, is now quickly closing in on its goal of locking 5% of Ether’s circulating supply under its “Alchemy of 5%” initiative. Meanwhile, its disciplined approach is gradually narrowing its unrealized losses on the asset after it only started buying on the way to the 2025 bull run.
Bitmine’s Latest Ethereum Acquisition
On Monday, Bitmine announced securing 53,501 ETH over the past week. This marked its largest acquisition since June.
The company didn’t mention how much it spent on the tokens in its press release. It only cited a price of $2,511 per ETH based on Coinbase’s benchmark on Sunday, valuing the purchase at $134.34 million.
The move increases Bitmine’s DAT portfolio to 5,901,112 ETH, accounting for roughly 4.89% of the token’s 120.68 million circulating supply. After just 15 months of activating its Ethereum initiative, the business is already 97.8% closer to fulfilling its goal of controlling 5% of the ETH’s supply.
Bitmine’s Ether stack adds to its 211 Bitcoin (BTC) holdings, $180 million stake in Beast Industries, $81 million stake in Eightco Holdings (ORBS), and $541 million in total cash and marketable securities.
To make the most out of its Ethereum treasury, Bitmine has deployed 85.87% of its ETH portfolio across its proprietary institutional-grade staking platform, MAVAN (Made in America Validator Network), and staking partners. Company Chairman Tom Lee projects generating approximately $335 million annually from the staking venture alone.
Crypto Market Outlook
Lee highlighted that Ether has been the “best performing macro asset” heading into the last leg of the quarter. He noted that it outperformed the S&P 500 by 5,430 basis points through last Friday.
Additionally, Lee claimed that ETH was one of the top 3 performing assets since June 30, alongside Bitcoin and Solana (SOL). This follows Strategy Executive Chairman Michael Saylor’s insistence that there’s no second-best to BTC in one of his recent artificial intelligence (AI)-generated videos, which also poked fun at Lee.
Lee believes that Ether’s positive momentum makes it enticing for institutional investors. Moreover, he emphasized that there are more positive catalysts for the token’s massive bull run. These include the Senate vote on the Digital Asset Market CLARITY Act by mid-September.
Elsewhere, Lee said Korean investors have begun rotating capital away from AI stocks and into crypto. However, he warned Ether may have one last dip “in the next few weeks,” marking its bottom in the established four-year cycle of Bitcoin and the broader crypto market.
