Ethereum News Today: BitMine's Ethereum Alchemy: Closing In on 5% Control

Ethereum's largest corporate holder, BitMine, has continued to expand its treasury, adding 77,055 ETH last week alone and pushing its total holdings to 3.31 million tokens, according to an FXStreet report. This brings the firm's stake to approximately 2.8% of Ethereum's circulating supply, positioning it as a key player in the crypto market's ongoing consolidation. The purchase follows a prior acquisition of 27,316 ETH worth $113 million, which further solidified BitMine's dominance, according to a Crypto.news report.

The firm's aggressive buying spree has drawn attention as Ethereum (ETH) trades near $4,220, with the token facing a $4,270 resistance level after clearing critical moving averages. BitMine Chairman Thomas Lee attributed recent market optimism to progress in U.S.-China trade talks, which have buoyed risk assets. "While Ethereum's fundamentals are uncorrelated to equities, historical data shows crypto performs better during equity rallies," Lee noted, citing Fundstrat research.

BitMine's treasury now includes $305 million in cash, 192 Bitcoin (BTC), and an $88 million stake in Worldcoin (WLD) via its Eightco Holdings subsidiary. The company's total assets are valued at $14.2 billion, placing it as the second-largest digital asset treasury (DAT) globally behind MicroStrategy (MSTR), which holds 640,808 BTC, the FXStreet report said. BitMine also outpaces other major ETH holders, including SharpLink Gaming (SBET) and The Ether Machine (ETHM), which hold 859,395 and 496,712 ETH, respectively.

The firm's stock price rose 6% on Monday, mirroring a 3% gain in ETH prices. Lee emphasized that BitMine's "alchemy of 5%" goal—acquiring 5% of Ethereum's total supply—remains within reach, with current holdings at 2.8%. The company's open interest for ETH remains at levels seen in June 2024, when the token traded at $2,500, the FXStreet report noted.

BitMine's strategy has sparked debate among investors, with some viewing its purchases as a bullish signal for Ethereum's long-term price. The firm's actions align with broader trends in the crypto market, where institutional investors are increasingly treating digital assets as strategic reserves.