Key highlights:
- Bitmine has completed a purchase of 27,801 ETH
- The Ethereum treasury company holds 5.77 million ETH on its balance sheet
- Chairman Tom Lee sees Robinhood’s success as proof of an incoming Ethereum price boom
Bitmine Immersion Technologies has bought 27,801 ETH (currently worth $49M), continuing a long streak of aggressive digital asset purchases. According to the last count, Bitmine holds 4.8% of Ethereum’s total supply as the company inches closer to its 5% target.
Bitmine buys 27,801 ETH, inches closer to “Alchemy of 5%.”
According to a
The company holds the largest ETH treasury, dwarfing its closest competitor, SharpLink, by a country mile. Despite sitting on an unrealized loss of around $9.2 billion, Bitmine is sticking to a weekly purchase schedule, armed with a large war chest.
Bitmine holds 206 BTC, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings, and cash and marketable securities of nearly $500 million. Meanwhile, its addition to the Russell 1000 large-cap index is tipped to attract a wave of institutional capital to fund its ETH accumulation objectives.
“Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine,” added Lee.
Tom Lee cites Robinhood Chain’s rise as proof of Ethereum’s “outstanding utility”
In his statement, Lee disclosed that the success of Robinhood Chain points to Ethereum’s growing utility for digital assets. Launched at the start of July, Robinhood Chain, built on Arbitrum, recorded sky-high DEX volumes and attracted an avalanche of memecoin traders.
“Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain”
Lee argued that Robinhood Chain will be the catalyst for higher ETH prices, citing rising retail utility. He noted that the new blockchain uses ETH as the native gas token, while transaction fees are denominated in ETH and finality is settled on the Ethereum network.
Previously, Lee stated that digital assets are entering crypto spring, predicting higher ETH prices. Meanwhile, ETH is trading at $1,781, gaining nearly 2% on the heels of the Bitmine purchase.
Source:: Tom Lee’s Bitmine Increases ETH Holdings To 5.77 Million Tokens In Bullish Accumulation Spree