Ethereum treasury firm Bitmine announced the acquisition of 12,532 ETH over the past week, continuing a pattern of consecutive weekly purchases since adopting its Treasury strategy last year.
The company now holds 6,028,946 ETH, representing over 4.9% of the total Ethereum supply. Bitmine's total staked ETH stands at 5,067,309, valued at nearly $13 billion. The firm is 99% of the way to its target of holding 5% of Ethereum's total supply, requiring approximately 100,000 ETH in additional purchases to reach the goal.
According to Bitmine Chairman Tom Lee, the company will halt Ethereum purchases once it reaches its 5% supply target. He stated that the majority of Bitmine's 6 million ETH accumulation occurred during the recent crypto bear market, positioning the company ahead of potential market movements.
Lee noted that Ethereum outperformed the S&P 500 in Q3 despite macroeconomic headwinds including Federal Reserve rate hikes, rising oil prices, and elevated global bond yields. He identified wealth transfer, tokenization, and cryptocurrency's connection to artificial intelligence as potential drivers of market activity.
Bitmine currently carries an unrealized loss of $4.8 billion on its Ethereum position, with an average cost basis of $3,324 per ETH.
