Bitmine, the largest Ethereum treasury, has acquired 101,745 ether, increasing its holdings to over 5.18 million ETH, which accounts for approximately 4.29% of the token's total supply. The firm's total assets, including crypto and cash, amount to $13.1 billion, comprising 200 bitcoin, $700 million in cash, and various equity stakes. The latest purchase, valued at around $238 million, is part of the company's ongoing strategy to accumulate ether at scale.
According to Thomas Lee, the 'crypto spring' is underway, driven by improving market conditions and the advancement of the CLARITY Act, a digital asset regulation bill. Lee believes that the bill's compromise text, which permits activity-based rewards while banning stablecoin yield on reserves, is acceptable and likely to be passed in 2026. He also notes that Ethereum is benefiting from the tokenization of financial assets and the growth of artificial intelligence tools, which will utilize public networks for payments and verification.
Additionally, Bitmine has expanded its staking operations, with over 4.36 million ETH pledged to generate yield, resulting in approximately $297 million in annualized revenue.