Bitmine makes largest ether purchase since June as Tom Lee points to crypto's strong Q3
Bitmine has resumed aggressive accumulation of Ethereum, purchasing $131.3 million worth of the asset as it nears its goal of owning 5% of the total supply. Market analysts suggest this move reflects institutional confidence following a strong third quarter for cryptocurrency markets.
Why it matters
Large-scale institutional accumulation of digital assets signals a potential shift in market structure and long-term confidence in blockchain technology.
The purchase, worth about $131.3 million at Monday’s ether price of $2,455, followed the previous week’s 32,447 ETH haul and lifted Bitmine’s holdings to 5,901,112 ETH. The stash is worth roughly $14.5 billion at current prices.
The pickup marks a shift from earlier this summer, when Bitmine slowed its accumulation as it approached its self-imposed goal of owning 5% of Ethereum’s supply. Weekly purchases fell below 10,000 ETH several times in July and August.
Bitmine now owns about 4.9% of Ethereum’s 120.7 million token supply. At the current supply level, the 5% threshold is roughly 6.04 million ETH, leaving the company about 134,000 tokens short.
The renewed buying comes after a strong quarter for crypto markets. Ether rallied 55% so far in August, while bitcoin advanced 34%, comfortably outperforming U.S. stock indexes.
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