Bitmine, the largest Ethereum treasury, has acquired 101,745 ether, valued at approximately $238 million, marking a significant increase in its holdings. This purchase brings the firm's total ETH holdings to over 5.18 million, accounting for roughly 4.29% of the token's outstanding supply. As of the latest update, Bitmine's total crypto and cash holdings amount to $13.1 billion, comprising 200 bitcoin, $700 million in cash, and equity stakes in various companies, including Beast Industries and Eightco Holdings.
The recent buy extends the company's streak of elevated weekly purchases, demonstrating its commitment to accumulating ETH on a large scale. According to Thomas Lee, the firm's chairman, the crypto market is emerging from a 'mini-winter' due to improving market conditions and positive signs from the U.S. digital asset regulation, known as the CLARITY Act. The CLARITY Act compromise text, released by the U.S.
Senate, bans stablecoin yield on reserves but allows activity-based 'rewards', striking a balance between protecting traditional banks and promoting innovation. Lee views this compromise as largely acceptable and hopes to see the bill passed in 2026.
The prediction market traders at Polymarket have assigned a probability of over 60% for the bill's passage this year. Lee believes that 'Crypto Spring' has begun, characterized by strengthening crypto prices despite muted investor sentiment. He attributes Ethereum's growth to two long-term trends: the tokenization of financial assets and the rise of artificial intelligence tools seeking neutral, public networks for payments and verification. Ethereum is increasingly seen as a store of value and a medium of exchange, as evidenced by its outperformance against equities since the start of the Iran conflict.
Additionally, Bitmine has expanded its staking operations, pledging over 4.36 million ETH to generate yield and earning approximately $297 million in annualized revenue. The company's MAVAN staking platform supports both internal operations and external institutional demand.