- Bitmine added 42,197 Ethereum for $75.19 million over the past week, increasing its haul to 5.74 million ETH.
- Company chairman Tom Lee expects the CLARITY Act’s approval to drive market tailwinds before year-end.
- Vitalik Buterin unveiled the “Lean Ethereum” roadmap, which gradually reinvents the chain until 2029.
Bitmine Immersion Technologies (BMNR) continues to solidify its status as the world’s largest Ethereum (ETH) treasury company. Despite Strategy’s (MSTR) big Bitcoin (BTC) sale over the past week, it topped up its digital asset reserves with a $75.19 million purchase of ETH.
State of Bitmine’s Ethereum Portfolio
According to Bitmine’s press release on Monday, it acquired 42,197 ETH at an average of $1,781.79 per ETH. The move increases its Ether portfolio to 5,742,237 ETH, accounting for 4.76% of the coin’s 120.68 million circulating supply. Additionally, the figures bring the company closer to its goal of capturing 5% of Ethereum’s supply under its “Alchemy of 5%” strategy.
So far, Bitmine has already invested $19.37 billion in Ether at an average purchase price of $3,374.06 per ETH. As of Monday afternoon, with ETH trading at approximately $1,800, the company remains slightly over $9 billion in unrealized losses from its investment in the asset.
Bitmine’s Ethereum haul stacks with its 206 Bitcoin holdings, $180 million stake in Beast Industries, $71 million stake in Eightco Holdings (ORBS), and $527 million in total cash and marketable securities.
To optimize its Ethereum treasury, Bitmine has staked 4,879,157 ETH, or roughly 84.97% of its holdings, across its proprietary MAVAN (Made in America Validator Network) and partners. Tom Lee, Chairman of Bitmine, estimates that the process will generate roughly $235 million in staking revenues annually.
Tom Lee’s Outlook on ETH
Lee believes that the market is still in the early stages of a crypto spring. He is optimistic that the pending Digital Asset Market CLARITY Act’s signing into law in the US this year will drive market tailwinds, as smart contract platforms like Ethereum integrate with everyday transactions through stablecoins and legacy financial institutions.
On June 26, the Russell 1000 Large-cap Index, which tracks the 1,000 largest US publicly traded companies, added Bitmine. Lee expects the milestone to attract hundreds, or even thousands, of new institutional investors to BMNR, also giving them indirect exposure to ETH.
Ethereum ‘Reinventing Itself’
The latest developments coincide with the recent unveiling of the “Lean Ethereum” roadmap by Vitalik Buterin, founder of Ethereum. A gathering of Ethereum researchers in Berlin led to the creation of its draft.
The roadmap features a sweeping, three- to four-year overhaul that Buterin describes as the network’s third major protocol upgrade. It is positioned at the same level as the 2022 Merge that enabled Ethereum’s transition to a proof-of-stake protocol.
Furthermore, the master plan details how every component of the chain will be gradually replaced by 2029 without forcing existing apps to migrate or causing major disruptions in its operations. The upgrades include new verification protocols, replacement of all quantum-vulnerable parts, implementation of an optimal consensus mechanism, deployment of multidimensional gas, state tree overhaul, client architecture changes, and enhancement of privacy tools.
