Ethereum News Today: BitMine Buys 1% of Ethereum Supply in $1.7B One-Week Spree

BitMine Immersion Technologies has executed one of the largest single-purchase Ethereum acquisitions on record, acquiring over 373,000 ETH—valued at approximately $1.7 billion—within just one week [1]. This move has propelled the firm's total assets to $6.6 billion and granted it control of more than 1% of Ethereum’s total circulating supply, positioning it as the second-largest ETH holder, trailing only Strategy, the current market leader [1].

Tom Lee, BitMine’s president and Fundstrat’s Chief Investment Officer, emphasized the significance of the acquisition, noting that institutional interest in Ethereum continues to grow. “We added $1.7 billion worth of ETH in just one week,” Lee stated. The firm reiterated its long-term objective to hold 5% of all Ethereum, a target that aligns with its broader strategy to increase institutional exposure and control within the crypto market [1].

Lee further contextualized the move by linking it to recent U.S. regulatory developments, such as the newly enacted GENIUS Act and the SEC’s Project Crypto framework. He drew a historical comparison to the 1971 end of the Bretton Woods system, when the U.S. abandoned the gold standard. “Just as that era modernized Wall Street and created the financial system we know today, these steps will drive a massive shift for the crypto market,” Lee said [1]. This perspective underscores the growing convergence between traditional financial systems and cryptocurrency ecosystems.

Institutional adoption is accelerating in the crypto space, and BitMine’s strategic acquisition highlights a broader trend of large players consolidating positions in Ethereum. With supply tightening and demand surging, the firm is well-positioned to influence Ethereum’s evolving financial landscape [1]. Additionally, MLQ.ai reported that BitMine added approximately 317,000 ETH during the same period, reinforcing its stated objective of acquiring 5% of all Ethereum [2]. The firm’s shares saw a rise in pre-market trading following the announcement, indicating strong investor confidence [2].

The acquisition has sparked discussions about the future of Ethereum’s market dynamics and its potential role in the next phase of financial innovation. As major players continue to accumulate large portions of the supply, market concentration and liquidity dynamics could shift significantly, with implications for both retail and institutional participants [1].

Source: [1] BitMine Snaps Up 1% of All Ethereum – $1.7B Buy in a Week (https://coindoo.com/bitmine-snaps-up-1-of-all-ethereum-1-7b-buy-in-a-week/)

[2] MLQ.ai | Stocks (https://mlq.ai/news/)