Bitmine, a leading Ethereum treasury firm, has acquired 101,745 ether, valued at approximately $238 million, marking a significant increase in its holdings. This move follows Chairman Thomas Lee's assertion that a 'crypto spring' is underway, despite subdued market sentiment.
The firm's total holdings now exceed 5.18 million ETH, representing around 4.29% of the token's outstanding supply. In addition to its ETH position, Bitmine holds 200 bitcoin, $700 million in cash, and various equity stakes. The company's total crypto and cash holdings amount to $13.1 billion.
This recent purchase is part of a series of elevated weekly buys, as the firm continues to accumulate ETH on a large scale. The 'crypto spring' is attributed to improving market conditions and positive developments in US digital asset regulation, particularly the CLARITY Act. According to Lee, the act's compromise text, which bans stablecoin yield on reserves but allows activity-based rewards, is seen as a positive step forward.
The firm is optimistic about the bill's passage in 2026, with Polymarket's prediction market traders assigning a over 60% chance of passage this year. Lee believes that Ethereum is benefiting from the tokenization of financial assets and the rise of artificial intelligence tools, which will utilize public networks for payments and verification. Furthermore, ETH is increasingly viewed as a store of value and a medium of exchange, as evidenced by its outperformance against equities since the start of the Iran conflict.
Bitmine has also expanded its staking operations, pledging over 4.36 million ETH to generate yield and earning approximately $297 million in annualized revenue.