Bitmine accelerates its Ethereum purchases and reaches 4.6 million ETH

The whales wake up and they are hungry. Geopolitical tensions or upheavals in traditional financial markets do not matter. This time, the turmoil comes from the second highest valued crypto on the market. The sound of checkbooks rises, powerful and regular like a well-oiled engine. An American company is leading the way with a determination rare in the industry. Bitmine, led by Tom Lee, has just reached a symbolic milestone in its quest for Ethereum.

3.81% of Ethereum supply: the Bitmine strategy to dominate crypto

Let's first look at the strategy deployed by this company like no other. Bitmine applies to Ether what Michael Saylor masterfully executed for Bitcoin. Massive accumulation, ultra-transparent communication, quantified and unapologetically assumed objectives. Tom Lee, chairman and co-founder of Fundstrat, pilots this machine with the precision of a Swiss watchmaker.

Today, Bitmine holds 4.596 million ETH in his hands. This figure simply represents 3.81% of the total supply of the Ethereum network. The objective declared by Tom Lee? Reach 5%, what he poetically calls “the alchemy of 5%” in his recent communications. The pace of purchasing has clearly accelerated in recent weeks.

“ Bitmine has slightly increased the pace of its ETH purchases over the past two weeks, as our base case is that ETH is in the final stages of the “mini crypto winter” “, explains Tom Lee

Weekly acquisitions increased from 45,000 to 60,999 ETH recently.

180 million per year: staking transforms crypto into comfortable income

Owning 4.6 million ETH is one thing. Knowing how to make them bear fruit is another, much more intelligent one. Bitmine has put 3.04 million Ethereum to work, or 66% of its total holdings. These ethers are staked on the network, actively participating in its security while generating substantial income. At the current price of $2,330 per unit, that's about $7 billion placed on validators.

The result is impressive: an annualized income of 180 million dollars which falls into the pocket each year. And this is just the beginning, far from it. When all assets are staked via MAVAN, the in-house platform which is scheduled to be launched in the coming days, revenues could rise to 272 million per year.

Meanwhile, Bitmine keeps $1.2 billion in cash in its coffers. Something to buy again, something to seize the opportunities that present themselves without ever stopping.

OpenAI, Ethereum Foundation and war in Iran: Tom Lee's winning plan

Three recent elements consolidate the building patiently constructed by Bitmine. First, the historic purchase of 5,000 ETH directly from the Ethereum Foundation. An OTC transaction carried out at a price of $2,042 each. The Foundation has formalized the operation on :

Today, the Ethereum Foundation finalized terms for a sale of 5,000 ETH at an average price of $2,042.96 via OTC. For this sale, our OTC counterparty was @BitMNR.

This operation allows the Foundation to finance its R&D without selling on the market. An implicit blessing for Bitmine. Second, the investment in Eightco provides direct exposure to OpenAI. Cathie Wood, of ARK Invest, becomes strategic advisor. The crypto-AI convergence is taking shape before our eyes.

Third, Tom Lee's macro thesis on the Iranian conflict is bearing fruit.

The rush to Ethereum in numbers

• 4.596 million ETH: the quantity held by Bitmine, or 3.81% of the total supply;
• $180 million: annualized revenue generated by staking 3.04 million ETH;
• 5,000 ETH: the quantity purchased directly from the Ethereum Foundation OTC;
• $1.2 billion: cash available to continue acquisitions;
• $2,336: the current price of Ethereum on the markets.

Accumulating Ethereum is not a smooth ride for investors. On paper, we win or lose depending on the moods of the market. SharpLink, another institutional buyer, posted $743 million in losses while continuing its purchases. Proof that the strategy goes beyond simple short-term accounting considerations. Whales have tough skin and long memories in this ecosystem.