Bitmine (BMNR) acquired 12,532 ETH last week, increasing its assets to 6,028,946 ETH, which is 4.9% of the total Ethereum supply. The purchase, valued at approximately $31.9 million, was made at a price of $2,544 per ETH, which the company uses for asset valuation.
Chairman Tom Lee stated that about 100,000 ETH remains to reach the 5% target, after which the company will complete its purchases. "Now we have finished accumulating, and the bull market is just beginning," he said.
Lee predicted "the largest bull market we've ever seen," linking it to tokenization, the transfer of wealth to younger investors, the absorption of supply by treasury digital asset firms, and the use of crypto wallets by AI agents.
The company valued its total crypto assets, cash, and investments at $16.2 billion. This includes: 214 BTC, $612 million in cash and marketable securities, $180 million in stakes in Beast Industries, and $85 million in Eightco Holdings. There are 5,067,309 ETH in staking, which, according to Lee, provides about $336 million in annual income.
Lee noted that Bitmine shares are approximately 90% correlated with ETH, and suggested that with ETH at $22,000, the shares would be worth $300–500. He also pointed to BMNP preferred shares with a yield of 9.5%, placed in June at $80 and closed at $99.53.
The week before, the company purchased an additional $41 million in ETH.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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