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BitMine Adds 24K ETH, Nears 4.2M Holdings
Tom Lee's BitMine acquired another 24,266 ETH as it races toward 5% ETH ownership.
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BitMine Immersion, chaired by Tom Lee, added 24,266 ETH in the past week, pushing its holdings to 4.168M ETH and total crypto and cash assets to $14B.
What's the scoop?
- Staking Growth — Staked ETH increased by 596.8K to 1.256M ETH, nearly doubling the position and surpassing other entities globally.
- Supply Ownership — BitMine controls about 3.45% of Ethereum's circulating supply of roughly 120.7 million ETH.
- Peer Comparison — BitMine leads Ethereum treasury holders, far ahead of SharpLink at 863K ETH and The Ether Machine at 496.7K ETH, and ranks second overall behind Strategy's Bitcoin treasury.
- Long-Term Goal — The firm targets 5% of circulating ETH supply, equivalent to around 6.04M ETH.
Bankless Take:
While going blow for blow with Sharplink at the beginning, BitMine has emerged as the dominant DAT. It’s become a true network force, pushing the validator exit queue to zero as it stakes more and more ETH. Yet, despite this “success,” price is still a long ways off its all time high, demonstrating the discrepancy between assets held and stock valuation. Overall though, Tom Lee remains one of Ethereum’s most vocal Wall Street champions, with his rapid accumulation signaling conviction in the network’s potential to be critical financial infrastructure, on and off Wall Street.