Company Nears Owning 5% of All Ethereum After Another Big Buy
Bitmine bought another $19M in Ethereum, pushing its stash to $11B and closing in on its goal to own 5% of all ETH in existence.
A company called Bitmine Immersion Technologies just bought another $19 million worth of Ethereum (a popular cryptocurrency, often shortened to "ETH"). This adds to a giant pile it has been building for over a year.
Bitmine is a "crypto treasury firm" — meaning its main business strategy is buying and holding large amounts of cryptocurrency, similar to how some companies stockpile cash or gold.
Here are the key numbers:
- Bitmine now holds 5.82 million ETH, worth about $11 billion
- This equals 4.8% of all Ethereum in existence — nearly its goal of owning 5%
- Total holdings (crypto + cash + investments) reach $11.4 billion
- It also owns 210 Bitcoin (about $13.4 million) and $78 million in cash and securities
- Over the past week it bought back 1.7 million of its own shares (when a company repurchases its stock, often to boost its value for shareholders)
Chairman Tom Lee, a well-known figure in finance, says the company is 96% of the way to its target of owning 5% of all Ethereum. He believes new technology trends — like turning real-world assets into digital tokens and AI applications — will push Ethereum's value higher.
However, not everyone is optimistic. On a prediction market (a platform where people bet on future outcomes), traders are mostly bearish — meaning they expect prices to fall. Right now, 75% think Ethereum will drop to $1,500 before it climbs back to $3,000. Ethereum currently trades just above $1,900.
The takeaway: One company is making a massive bet that Ethereum will become far more valuable — even though many traders expect a dip first. Whether this pays off depends entirely on where crypto prices head next.
This is an AI-generated summary. Read the original article at: https://decrypt.co/375768/tom-lee-bitcoin-buys-19-million-ethereum