Key highlights:
- Bitmine has increased the size of its balance sheet with a fresh 76,881 ETH purchase.
- Tom Lee says a crypto spring is underway, stoking investors’ optimism.
- ETH price is basking under a double-digit percentage price surge over the last 24 hours.
Bitmine Immersion Technologies has added 76,881 ETH to its balance sheet, bringing the company closer to its target of holding 5% of Ethereum’s circulating supply. Chairman Tom Lee is taking a bullish stance toward crypto prices, predicting that the market is in the “early stages of crypto spring.”
Bitmine extends ETH buying streak
The Ethereum treasury company snapped up 76,881 ETH (currently worth over $141M) over the last week to extend the size of its crypto holdings.
According to an official statement, Bitmine’s ETH holdings have reached 5.62 million tokens, bringing the company one step closer to its goal of amassing 5% of Ethereum’s supply. Bitmine is only 7% away from its historic milestone, with the company hinting at an aggressive purchasing spree to achieve its target before 2027.
Presently, Bitmine owns 4.66% of Ethereum’s circulating supply after only pivoting to an ETH treasury strategy barely 11 months ago.
Since making the switch, Bitmine has become the largest corporate holder of Ethereum and holds the second-largest crypto treasury, behind Michael Saylor’s Strategy.
Per the latest disclosures, Bitmine's total staked ETH sits at 4,718,677, making it the largest staker of Ethereum. The company now has its sights on an annualized staking revenue of $226 million.
Source: Bitmine
Last week, Bitmine added 25,000 ETH to its stash, splurging $41 million on the acquisition. At the time, Tom Lee hinted that Bitmine could pause its aggressive Ethereum buying after reaching its 5% target.
Ethereum price surges as Lee eyes crypto spring
Alongside the purchase announcement, Lee disclosed that the episode of torrid crypto prices may be over for the industry, strengthening his resolve to continue accumulating ETH. He noted that with the crypto winter showing signs of thawing, a “crypto spring” is already underway while downplaying a previous ETH pullback over the weekend. Lee stated:
“We are maintaining a somewhat elevated pace of buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we believe we are in the early stages of crypto spring.”
Meanwhile, the markets reacted positively to reports of Bitmine’s purchase, with ETH climbing by 10% today and hitting $1,840. Amid the rise in valuation, ETH recorded a staggering 165% surge in daily trading volumes at $16 billion.
