Bitmine is now holding more than 5.4 million Ether tokens, a stockpile worth over $10.5 billion, and that puts the company about 90% of the way toward its goal of controlling 5% of Ethereum’s circulating supply. The latest purchase landed at a time when ETH has been stuck near $2,000 and has failed to match the scale of the buying.
A $52 Million Addition
3/ “Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’…
Price Still Trails The BuyingLee told CNBC on Monday that the crypto market has been stuck in a rough patch while other parts of the market, including software stocks, have rallied. He said that kind of frustration often shows up near the end of what he called crypto winter, when prices lag behind the story investors think should matter more.
Lee pointed to AI-driven commerce, decentralized identity, verification tools, and Wall Street’s push toward tokenization as examples of why he believes Ethereum’s role has not gone away.
Betting On A Longer ClockBitmine’s Ethereum buying streak shows how some companies are treating Ether less like a trade and more like a reserve asset. That makes the company’s moves easy to track, but harder to read in the short term, since the market has not yet given the buying spree a matching price response.
Featured image from Unsplash, chart from TradingView
