Bitmine Bought Another $71.6M in ETH — Nearing 5% of Supply

Bitmine Immersion Technologies, led by well-known investor Tom Lee, bought another 40,000 ETH worth $71.6 million from FalconX and Kraken — the company's second major purchase in a week, following an earlier 42,000 ETH buy, CoinDesk reports.

Bitmine's total reserves have reached 5.74 million ETH, with total crypto and cash holdings of $11.1 billion — about 4.8% of Ethereum's entire supply, putting the company right on the doorstep of its stated 5% goal, Bitmine's official press release notes.

Tom Lee attributes the continued buying to growing optimism that the CLARITY Act — the US crypto bill meant to bring regulatory clarity, especially beneficial for Ethereum — will eventually pass. We've already covered how the bill's July 4 deadline already collapsed; Bitmine's bet is on eventual passage, not a specific date.

What this means in practice: it's the same corporate-treasury playbook Strategy runs with bitcoin, applied to Ethereum instead — the company deliberately concentrates one asset on its balance sheet rather than diversifying, betting on its long-term growth.

This article is for informational purposes only and does not constitute investment advice.