The Tom Lee-chaired Ethereum accumulator has ramped up its ETH acquisitions amid the asset\u2019s major price revival experienced last week.<\/p>\n
The company has acquired 32,447 tokens over the past week, and its total has skyrocketed to 5,847,611 ETH as of August 23. With Ethereum\u2019s price jumping to $2,440 yesterday, this put the firm\u2019s position at $14.3 billion \u2013 or about $3 billion higher than the previous week.<\/p>\n
Taking into consideration the latest purchase announced<\/a> earlier on August 24, the company\u2019s total stash of almost 5.85 million ETH represents approximately 4.8% of Ethereum\u2019s entire 120.7 million token supply. This means that the firm has completed 97% of its so-called \u201cAlchemy of 5%\u201d strategy. The ultimate goal is to control 5% of the altcoin\u2019s supply, an ambitious move it started in late June last year.<\/p>\n BitMine hasn\u2019t been deterred by the recent price moves in the crypto industry. Recall that ETH traded at around $1,900 by last Wednesday and has shot up by 30%, topping $2,500 briefly before it calmed just below that level today. This became its largest weekly surge since May 2025.<\/p>\n Tom Lee highlighted that the previous two comparable weekly rallies, in July 2021 and May 2025, were subsequently followed by gains of 167% and 170%, respectively. Although this sounds quite impressive, it\u2019s worth noting (again) that historical performance provides no guarantees that the asset will repeat either move.<\/p>\n Bitmine\u2019s latest purchase was also a lot higher than most of its previous ones, which dropped to around 10,000 ETH on several occasions. As reported<\/a> last week, the company bought 10,270 tokens after acquiring<\/a> 9,926 ETH the week before.<\/p>\n The other major development highlighted in the most recent announcement was the continuous staking effort from the company. It has now staked over 5,067,300 tokens, worth approximately $12.4 billion at current prices. This represents 87% of Bitmine\u2019s entire Ethereum treasury.<\/p>\n The current estimates show that the company could generate approximately $330 million in annualized revenue based on a seven-day annualized yield of 2.67%. If it stakes its entire portfolio through its own institutional platform called MAVAN, the projected numbers could rise to $381 million.<\/p>\n The post BitMine Nears Massive Ethereum Milestone as ETH Holdings Reach 5.85 Million<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Tom Lee-chaired Ethereum accumulator has ramped up its ETH acquisitions amid the asset\u2019s major price revival experienced last week. The company has acquired 32,447 tokens over the past week, and its total has skyrocketed to 5,847,611 ETH as of August 23. With Ethereum\u2019s price jumping to $2,440 yesterday, this put the firm\u2019s position at […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-217592","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/217592"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=217592"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/217592\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=217592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=217592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=217592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Keep Staking<\/h2>\n