A U.S. public company is quietly moving toward acquiring 5% of Ethereum’s total supply. Many people may not have noticed yet.
The company is called Bitmine, ticker symbol BMNR. The media often refers to it simply as Tom Lee’s Bitmine—that’s the well-known Wall Street crypto bull strategist. Its latest filing shows that over the past week, it spent about $70 million to buy 28,000 ETH, bringing its total holdings to 5.93 million ETH—already reaching the threshold of roughly 5% of Ethereum’s total supply. The company claims that its crypto assets plus cash total $15.7 billion.
This isn’t just a spur-of-the-moment decision. Going back through prior filings, about three weeks ago its holdings were still around 5.85 million ETH. In just three weeks, it net increased by roughly 80,000 ETH, and the buying pace has essentially never slowed. With Ethereum’s total issuance at just over 120 million ETH, 5.93 million ETH means that for every 100 ETH in existence, about 5 are sitting in the company’s vault. Even more notable is that 5% seems to be a clear target set by the company itself. Reports from external media calculate that it has completed 97% of the progress, with only the final 0.1 percentage point left. The company also disclosed that most of these holdings are staked on-chain to earn yield. Keeping coins idle can still generate returns—this may be one reason it chose ETH over BTC.
What’s interesting here is the contrast. Retail investors watch Bitcoin ETF net inflows day after day, counting the money in the hundreds of millions or billions. Meanwhile, on the other side, a company is quietly collecting ETH tokens in bulk from the secondary market. Same money, completely different destinations. Judging by the filing cadence, it buys every week, and price doesn’t seem to be its top priority.
There’s another detail: after the news broke about it buying coins, BMNR’s own stock price actually moved down that same day. If it’s a positive catalyst, why didn’t the stock rise? What is the market worried about—no one seems to know. Is it concerned it might have bought too expensively, or that it won’t be able to stop?
Ethereum’s circulating supply isn’t that huge. If you think about tokens being concentrated into one company’s hands, in the end, will it turn out to be a good thing or a hidden risk? Discuss your views in the comments. 📢 进群聊ETH动态
The company is called Bitmine, ticker symbol BMNR. The media often refers to it simply as Tom Lee’s Bitmine—that’s the well-known Wall Street crypto bull strategist. Its latest filing shows that over the past week, it spent about $70 million to buy 28,000 ETH, bringing its total holdings to 5.93 million ETH—already reaching the threshold of roughly 5% of Ethereum’s total supply. The company claims that its crypto assets plus cash total $15.7 billion.
This isn’t just a spur-of-the-moment decision. Going back through prior filings, about three weeks ago its holdings were still around 5.85 million ETH. In just three weeks, it net increased by roughly 80,000 ETH, and the buying pace has essentially never slowed. With Ethereum’s total issuance at just over 120 million ETH, 5.93 million ETH means that for every 100 ETH in existence, about 5 are sitting in the company’s vault. Even more notable is that 5% seems to be a clear target set by the company itself. Reports from external media calculate that it has completed 97% of the progress, with only the final 0.1 percentage point left. The company also disclosed that most of these holdings are staked on-chain to earn yield. Keeping coins idle can still generate returns—this may be one reason it chose ETH over BTC.
What’s interesting here is the contrast. Retail investors watch Bitcoin ETF net inflows day after day, counting the money in the hundreds of millions or billions. Meanwhile, on the other side, a company is quietly collecting ETH tokens in bulk from the secondary market. Same money, completely different destinations. Judging by the filing cadence, it buys every week, and price doesn’t seem to be its top priority.
There’s another detail: after the news broke about it buying coins, BMNR’s own stock price actually moved down that same day. If it’s a positive catalyst, why didn’t the stock rise? What is the market worried about—no one seems to know. Is it concerned it might have bought too expensively, or that it won’t be able to stop?
Ethereum’s circulating supply isn’t that huge. If you think about tokens being concentrated into one company’s hands, in the end, will it turn out to be a good thing or a hidden risk? Discuss your views in the comments. 📢 进群聊ETH动态
