Bitmine Adds 12,532 ETH, Now Holds 4.9% of All Ethereum
Bitmine's Ethereum treasury has grown to 6.03 million ETH, and most of it is staked.
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Key takeaways
- Bitmine (BMNR) bought 12,532 ETH last week.
- Its treasury now totals 6.03 million ETH.
- That equals 4.9% of Ethereum's supply.
- 84% of the holdings are staked.
- Tom Lee has flagged a potential 'largest-ever' crypto bull market.
Bitmine (BMNR) bought another 12,532 ETH last week. Its Ethereum treasury now stands at 6.03 million tokens. That's 4.9% of the total supply.
The numbers
The weekly buy is small next to the pile. But the pile is the story. One company now holds close to one in every twenty ETH in existence.
Here's the number that matters most: 84% is staked. Most of Bitmine's ETH is out earning staking rewards, not sitting idle. It isn't readily available to sell, either.
The Tom Lee angle
The update landed alongside a warning from Tom Lee, who has flagged the potential for the 'largest-ever' crypto bull market. The material I have doesn't spell out his reasoning or give a timeline. So treat it as a view, not a forecast backed by data.
Why it matters
If you hold or trade ETH, a buyer this size matters. Steady corporate accumulation pulls coins off the market, and staking locks up even more. Less liquid supply can amplify price moves in either direction.
Here's the catch. Concentration cuts both ways. One holder sitting on 4.9% of supply is a big bet on a single asset, and any shift in its strategy would get noticed fast. So will the buying keep pace if the bull market Lee describes never shows up?
Source: The Block
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Alex Rivera
Alex covers crypto markets and trading, testing every platform hands-on before writing about it.
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