- Bitmine added 26,497 ETH, bringing it closer to its goal of controlling 5% of Ethereum’s token supply.
- The company’s chairman, Tom Lee, insists that the market is in the early stages of a crypto spring.
Bitmine Immersion Technologies (BMNR), the world’s second-largest Digital Asset Treasury (DAT) company next to Strategy (MSTR), is barely half a percentage away from reaching its “Alchemy of 5%” target. As a result, it has slowed down its Ethereum (ETH) purchases amid ongoing market volatility.
Thomas “Tom” Lee, Chairman of Bitmine, insists Ether remains underpriced. He admitted tough market challenges are hindering the token’s upward momentum, but maintains optimism with his outlook.
Bitmine’s Ethereum Purchases Over the Week
Bitmine announced the acquisition of 26,497 ETH over the past week. At the time of reporting on Sunday, the haul was equivalent to $53.07 million at a $2,003 per ETH rate. However, the market drawdown this Monday, taking the asset for a ride to $1,956.15 per token, has reduced the new supply’s value to $51.83 million.
The move raises Bitmine’s total holdings to 5,416,901 ETH, now comprising 4.49% of Ethereum’s 120.69 million circulating token supply. The figures bring the company closer to its 5% Ether ownership target under its initiative aptly called “Alchemy of 5%.”
Bitmine’s Ether top-up adds to its 203 Bitcoin (BTC) portfolio. Additionally, it maintains a $180 million stake in Beast Industries, a $93 million stake in Eightco Holdings (ORBS), and $446 million in cash reserves.
To optimize its Ether treasury, the company has also staked around 87.11% of its ETH across its proprietary MAVAN (the Made in America VAlidator Network) platform and partners. It projects a $258 million in passive gains from annualized staking revenues.
Tom Lee’s ETH Outlook
Despite recently losing the $2,000 mark, Lee believes Ether is already in the early stages of crypto spring. Given such a scenario, he claimed ETH is not yet reflecting its solid fundamentals and strong demand. The chairman highlighted that Bitmine will achieve its “Alchemy of 5%” goal before the end of the year.
In an ensuing interview with CNBC’s Squawk Box, Lee admitted that markets, including stocks and digital assets, are in a tough position due to macro headwinds, particularly stemming from geopolitical instability and economic uncertainty. However, he sees massive tailwinds driven by artificial intelligence (AI) and accelerating US Gross Domestic Product (GDP).
Lee advises the public “to be vigilant, but generally bullish” as they navigate market turbulence. Nonetheless, he foresees a silver lining ahead that will fuel Ethereum’s next major rally.
