Summary

  • BitMine has added over $73 million worth of Ethereum, nearing 5% of the total circulating supply.
  • The company now possesses more than 5.74 million ETH, with 4.87 million staked for yield.
  • Shares of BMNR have risen by over 5% since the market opened, following its recent inclusion in the Russell 1000 index.

BitMine Immersion Technologies, a publicly traded treasury firm focusing on Ethereum, has acquired approximately $73 million in ETH within the past week. This move comes as its main competitor, Strategy, known for holding Bitcoin, offloaded $216 million in BTC to meet dividend payments.

BitMine's treasury now totals 5,742,237 ETH, which corresponds to over 4.7% of the circulating Ethereum supply, valued at nearly $10 billion based on ETH's current price of $1,752.

This most recent purchase marks an increase from last week’s acquisition of $43 million in Ethereum. Tom Lee, the Chairman of BitMine and an investor in Dastan, the parent company of Decrypt, believes that a new era of cryptocurrency growth is beginning. He cites a higher likelihood of the Clarity Act's passage as supporting evidence for this view.

“Recently, investors have grown more hopeful regarding the Clarity Act, with prediction markets indicating about a 50% chance of it passing, the highest in two weeks,” Lee stated.

“We consider regulatory clarity to be a key milestone, allowing cryptocurrencies, especially smart contract platforms like Ethereum, to integrate into daily life,” he further added.

As of Monday morning, the likelihood of the Clarity Act being enacted this year is approximately 48% on Polymarket, reflecting a 4% increase over the past week, though down 34% from February's peak of around 82% support for its passage by the end of 2026.

BitMine's stock has seen a surge in investor optimism, rising more than 5% shortly after the market opened and trading at about $15.14 per share. According to Lee, the firm’s recent addition to the Russell 1000 index is anticipated to significantly boost institutional ownership of its shares.

“Joining the Russell 1000 is expected to attract hundreds, if not thousands, of new institutional investors to BitMine,” he remarked.

In addition to the substantial ETH purchase, BitMine has increased its staked Ethereum to 4,879,157, which is nearly 85% of its total holdings, projecting an annualized staking revenue of $235 million.

Ethereum has appreciated by over 10% in the last week, trading around $1,752, yet it remains 65% below its all-time high of $4,946.