BitMine invests 150 million dollars in Ether and wants to control 5% of all Ethereum.
6:00 p.m. ▪ 5 min read
Each person interprets market corrections differently. For risk-averse investors, it's time to flee. For giants, it's time to stock up. BitMine, led by Tom Lee, took advantage of the latest market turbulence to add 150 million dollars in ETH to its treasury. This accumulation strategy is generating a lot of buzz and has a symbolic goal: to own 5% of all existing Ethereum.
In brief
BitMine bought 150 million dollars in ether through Kraken and BitGo this week.
The company now holds more than 3% of the total Ethereum supply available in the market.
The plan is based on the Fusaka upgrade and a favorable macroeconomic climate.
BMNR shares rose 15%, driven by the increase in ether and massive purchases.
Ethereum: The quest for 5% has begun!
BitMine takes an important step after a purchase of 70 million dollars. In just one week, 96,798 ETH were added to the company's coffers. This massive purchase, made through Kraken and BitGo, according to Arkham data, gives BitMine a total stake of over 3% of the total Ether supply. The goal is clear: to reach 5%.
But where many see a simple bet, Tom Lee speaks of infrastructure. “We have increased our weekly purchases of ETH by 39%,” he explains. For him, Ethereum is where Bitcoin was in 2017: surrounded by doubts... but ready for explosive growth.
While other cryptocurrency treasuries are cutting back on their purchases (purchases have fallen by 81% since August), BitMine is charting its own course. And it's not just a publicity strategy. With Chi Tsang at the helm and three new independent directors joining the company, governance is being strengthened for a long-term strategy.
