Tom Lee’s BitMine Nears 4% of Ethereum Supply as ETH Price Hits Weekly High

Ethereum treasury steadfast BitMine Immersion Technologies continued its relentless accumulation of ETH, adding 71,252 ETH oregon $152 cardinal worthy successful the past week. 

The acquisition brings the firm’s full holdings to much than 4.8 cardinal ETH, valued astir $10.3 billion, which accounts for 3.98% of the full circulating token supply. 

"The warfare has placed downward unit connected planetary markets, truthful it is awesome to spot ETH arsenic 1 of the fewer to emergence connected an implicit basis,” said BitMine Chairman Tom Lee, successful a statement. “This is simply a large harbinger, arsenic we expect ETH enactment to fortify investors and yet instrumentality currency disconnected the sidelines.” (Disclosure: Lee is 1 of respective investors successful Dastan, the genitor institution of an editorially autarkic Decrypt.)

The firm’s Monday announcement comes connected the heels of a 5.4% summation for Ethereum successful the past 24 hours, precocious changing hands astir $2,145. Earlier Monday, ETH deed a play precocious terms of $2,165.

At the existent mark, the second-largest crypto plus has gained much than 8% successful the past period of trading, importantly outperforming accepted indices similar the S&P 500 and Nasdaq, which person fallen 2% and 1.80% successful that time, respectively. 

“Ethereum continues to payment from the dual tailwinds of Wall Street tokenizing connected the blockchain and from agentic AI systems progressively needing nationalist and neutral blockchains,” added Lee.

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Lee’s steadfast has besides accrued its presumption of staked ETH, with 69% of its full ETH holdings earning staking rewards. According to the firm’s estimates, erstwhile its afloat complement of Ethereum is staked, it volition gain astir $282 cardinal successful revenues annually from staking alone. 

Shares successful the steadfast (BMNR) are up astir 6% since the opening doorbell connected Monday, precocious changing hands astatine $20.64.

BMNR has present gained implicit 9% successful the past period of trading, but remains down 67% successful the past six months arsenic Ethereum has slid astir 57% from its all-time precocious of $4,946.