Bitmine Is Closing In on 5% of All Ethereum With Its Latest Stash
Bitmine snapped up another 27,562 ETH, driving its total crypto hoard to an eye-watering $17.1 billion.
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Key takeaways
- Bitmine bought 27,562 ETH, pushing its holdings above 4.9% of all circulating Ether.
- The firm's total crypto portfolio now stands at $17.1 billion.
- Tom Lee declared that a fresh crypto bull market is underway.
Bitmine isn't slowing down. They just bought another 27,562 Ether, rapidly closing in on their target: owning a full 5% of the network's entire circulating supply.
This latest buy pushes Bitmine's stash past the 4.9% threshold. All told, the firm's crypto investments now stand at a staggering $17.1 billion. Follow the money, and you'll see a massive corporate vacuum sucking up circulating ETH.
This aggressive buying spree landed right alongside some loud cheerleading from Tom Lee, who declared that a "crypto bull market is underway."
Why it matters
When one corporate whale holds almost 5% of a token's total circulating supply, market dynamics get weird. Bitmine's $17.1 billion hoard removes a giant chunk of Ether from open circulation, choking off sell-side liquidity on exchanges. If you're trading ETH, pay attention—that kind of artificial supply squeeze means price swings get a lot sharper the second buying demand surges.
Source: The Block
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Sofia reviews exchanges and crypto casinos, focused on fees, safety and what actually reaches the player.
