Bitmine Adds 12,532 ETH, Nears 5% Supply Goal — SkimNews
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- Bitmine Immersion Technologies acquired 12,532 ETH over the past week (~$31.9 million at its $2,544 valuation price), lifting total holdings to 6,028,946 ETH — 4.9% of Ethereum's 122.1 million token supply.
- Chairman Tom Lee said the firm needs roughly 100,000 more ETH to hit its 5% 'Alchemy of 5%' target, after which accumulation will stop and Bitmine will be 'done stacking while a bull market is starting.'
- Lee predicted 'the biggest bull market we've ever seen,' attributing the call to tokenization, a generational wealth transfer to younger investors, supply absorbed by digital asset treasury firms, and AI agents using crypto wallets.
- Bitmine valued total crypto, cash and investment holdings at $16.2 billion, including 214 BTC, $612 million in cash and marketable securities, an $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.
- Staked ETH at Bitmine totals 5,067,309 tokens, generating annualized staking revenue of approximately $336 million, per Lee.
- Lee projected that ETH at $22,000 — paired with BMNR's 90% correlation to ETH at a share price near $26 — would translate to a stock price of $300 to $500; its perpetual preferred BMNP, issued at $80 in June, last closed at $99.53.
- Bitmine had bought $41 million more ETH the week prior, and Lee claimed its 'track record of consistent buying of crypto is unmatched by any public company in the world.'
Why it matters: Lee's 'done stacking' signal transforms Bitmine from a perpetual ETH accumulator — where each new buy dilutes existing shareholders' exposure — into a pure Ethereum proxy where holders capture the full upside of price appreciation. With 4.9% of supply concentrated in one public firm and 5,067,309 ETH already staked at ~$336M annualized revenue, Bitmine is positioning as one of the largest single-entity ETH exposures available in public markets.
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