Bitmine (BMNR), the largest Ethereum treasury, has acquired 101,745 ether (ETH), increasing its holdings to over 5.18 million ETH, approximately 4.29% of the token's total supply, according to a recent update. The firm's total crypto and cash holdings now stand at $13.1 billion, including its ETH position, 200 bitcoin, $700 million in cash, and equity stakes in various companies. This latest purchase, valued at roughly $238 million, marks an extension of the firm's elevated weekly purchases as it continues to accumulate ETH.
Thomas Lee views this as a sign of the commencement of 'crypto spring,' driven by improving market conditions and positive developments in US digital asset regulation, particularly the CLARITY Act. Lee noted that the Act's compromise text, which permits activity-based rewards, is acceptable and hopes for its passage in 2026. He also pointed out that Ethereum is benefiting from the tokenization of financial assets and the rise of AI tools, positioning ETH as both a store of value and a medium of exchange.
With over 4.36 million ETH pledged for staking, Bitmine generates approximately $297 million in annualized revenue.