One company holds 6.04 million ETH, or 4.9% of the entire network—but it added only 12,500 ETH last week
BitMine bought 12,535 ETH during the week of October 12–18. As of October 18, its total holdings stood at 6,041,481 ETH, worth about $14.6 billion at $2,420 per ETH.
⚡ 有大动静群里说
The crypto treasury company, led by Tom Lee, has total assets of about $15.1 billion. These include $582 million in cash and securities, just 215 bitcoin, a $180 million stake in Beast Industries, and a $74 million stake in Eightco.
What really stands out is the structure of its holdings: 5,067,309 ETH has been staked, representing 84% of its total holdings and worth about $12 billion. That generates roughly $309 million in annualized staking yield. 🐋
In other words, it isn't making money by trading in and out. It is treating Ethereum like a machine that generates rental income: adding to its holdings gradually each week, locking most of them up in validator nodes, and earning from network issuance and transaction fees.
So why did it buy only 12,500 ETH last week? That's just 0.2% of its current holdings. At this pace, it would take nearly a year to acquire enough to reach 1% of the network's supply.
Tom Lee offered a broader explanation in his weekly report: investors' risk appetite has contracted in recent weeks for four reasons—concerns over AI financing and model safety, escalating tensions in the Middle East, growing uncertainty around U.S. policy, and rising bond yields around the world. ⚠️
These four factors first hit AI and semiconductor memory stocks, then prompted deleveraging in South Korea and Taiwan, where chip stocks dominate the markets. Crypto assets are widely held in all three regions, so as investors reduced their risk exposure, selling pressure naturally spilled over into crypto.
BTC is now at $82,457, up 0.71%. ETH is at $2,420, up a modest 0.2%. The market is slowly recovering, but not because new money is rushing in—selling pressure has simply paused for now. 📉
My take: the real signal from this company isn't how much it bought, but that its buying pace is slowing. An institution with 84% of its holdings locked in staking isn't going to pull out in the short term just because of one red candle. But it isn't accelerating its dip-buying either, which suggests it too is waiting for macro risks to clear.
Two things are worth watching next: first, whether its purchases climb back above 20,000 ETH next week; and second, whether ETH can hold the psychologically important $2,400 level. If it falls below that, the mark-to-market pressure on its staked holdings will likely show up in its share price before it shows up in ETH's price.
What do you think of this crypto treasury strategy, with 80% of holdings locked in staking—is it a way to earn long-term rental income, or does it hide risk in illiquidity? 🦖
Let's discuss in the comments.
Every day, I bring you the latest crypto news—not just what happened, but the logic and opportunities behind it. 👀🚀
Tap my profile picture to watch the livestream
BitMine bought 12,535 ETH during the week of October 12–18. As of October 18, its total holdings stood at 6,041,481 ETH, worth about $14.6 billion at $2,420 per ETH.
⚡ 有大动静群里说
The crypto treasury company, led by Tom Lee, has total assets of about $15.1 billion. These include $582 million in cash and securities, just 215 bitcoin, a $180 million stake in Beast Industries, and a $74 million stake in Eightco.
What really stands out is the structure of its holdings: 5,067,309 ETH has been staked, representing 84% of its total holdings and worth about $12 billion. That generates roughly $309 million in annualized staking yield. 🐋
In other words, it isn't making money by trading in and out. It is treating Ethereum like a machine that generates rental income: adding to its holdings gradually each week, locking most of them up in validator nodes, and earning from network issuance and transaction fees.
So why did it buy only 12,500 ETH last week? That's just 0.2% of its current holdings. At this pace, it would take nearly a year to acquire enough to reach 1% of the network's supply.
Tom Lee offered a broader explanation in his weekly report: investors' risk appetite has contracted in recent weeks for four reasons—concerns over AI financing and model safety, escalating tensions in the Middle East, growing uncertainty around U.S. policy, and rising bond yields around the world. ⚠️
These four factors first hit AI and semiconductor memory stocks, then prompted deleveraging in South Korea and Taiwan, where chip stocks dominate the markets. Crypto assets are widely held in all three regions, so as investors reduced their risk exposure, selling pressure naturally spilled over into crypto.
BTC is now at $82,457, up 0.71%. ETH is at $2,420, up a modest 0.2%. The market is slowly recovering, but not because new money is rushing in—selling pressure has simply paused for now. 📉
My take: the real signal from this company isn't how much it bought, but that its buying pace is slowing. An institution with 84% of its holdings locked in staking isn't going to pull out in the short term just because of one red candle. But it isn't accelerating its dip-buying either, which suggests it too is waiting for macro risks to clear.
Two things are worth watching next: first, whether its purchases climb back above 20,000 ETH next week; and second, whether ETH can hold the psychologically important $2,400 level. If it falls below that, the mark-to-market pressure on its staked holdings will likely show up in its share price before it shows up in ETH's price.
What do you think of this crypto treasury strategy, with 80% of holdings locked in staking—is it a way to earn long-term rental income, or does it hide risk in illiquidity? 🦖
Let's discuss in the comments.
Every day, I bring you the latest crypto news—not just what happened, but the logic and opportunities behind it. 👀🚀
Tap my profile picture to watch the livestream