Ethereum treasury firm Bitmine acquired 27,562 ETH over the past week, bringing its total holdings to 5,983,940 ETH, or 4.9% of the total supply. The purchase comes as Ethereum's price surpassed $2,700 amid a broader crypto market rally. Bitmine's stock (BMNR) also rose over 5%.
Bitmine's continued accumulation of ETH and its chairman's bullish outlook on crypto suggest ongoing institutional interest and confidence in Ethereum's long-term value, potentially influencing market sentiment and investor strategy.
Ethereum treasury firm Bitmine has purchased an additional 27,562 ETH, bringing its total holdings to 5,983,940 ETH, which represents 4.9% of the total Ethereum supply. This acquisition occurs as Ethereum's price has climbed above $2,700, coinciding with a broader rally in the cryptocurrency market. Bitmine's stock, BMNR, also saw an increase of over 5%, trading at $27.
Bitmine has consistently purchased ETH weekly since initiating its treasury strategy last year. This latest purchase follows a previous acquisition of 27,180 ETH two weeks prior. Despite the recent rally, Bitmine's holdings currently represent an unrealized loss of over $3.5 billion, with an average purchase price of approximately $3,329 per ETH. The company's total staked ETH amounts to 5,067,309, valued at around $13.6 billion.
Tom Lee, Chairman of Bitmine, expressed optimism about a crypto bull run that he believes began in late June. He cited several factors driving this trend, including a rotation from AI-focused assets back to crypto, strengthening fundamentals related to tokenization and AI, and the completion of a four-year crypto cycle. Lee also noted Ethereum's outperformance as a macro asset, stating it has outperformed other macro assets by 6,519 basis points quarter-to-date.
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