Bitmine Adds 12,535 ETH, Nears 5% Supply Target
Bitmine purchased 12,535 ETH valued at approximately $30 million, bringing its total holdings to 6.04 million ETH or 4.9% of circulating supply. Chairman Tom Lee said the buying phase is nearly complete as Ethereum trades near $2,422.
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Holdings and Purchase Details
Bitmine added 12,535 ETH to its position, valued at roughly $30 million according to Decrypt, as Ethereum traded near $2,422 per token. The purchase brings the company's total holdings to 6.04 million ETH, representing 4.9% of Ethereum's circulating supply, according to both sources.
Approaching the 5% Target
Bitmine's acquisition moves the fund to 99% of its stated "Alchemy of 5%" goal, meaning it needs to acquire roughly 60,000 more ETH to reach exactly 5% of supply. Chairman Tom Lee characterized the recent market-wide selloff as an attractive buying opportunity and indicated the purchasing phase is nearing completion.
Market Context
Ethereum has faced bearish momentum despite Bitmine's continued accumulation, remaining well below the $2,500 level. The fund's aggressive buying into weakness signals confidence in the asset's longer-term value despite near-term price pressure.
Why It Matters
For Traders
Bitmine's continued buying into weakness may provide support at current levels, though proximity to its target suggests purchases could slow soon.
For Investors
A major institutional fund accumulating to 5% of supply signals conviction in Ethereum's fundamental value despite current price weakness.
For Builders
Large ETH accumulation by institutional players can reduce circulating supply pressure and alter token holder distribution dynamics on protocol.
This article is for information only and is not financial advice. Read the full disclaimer.
