Bitmine Immersion Technologies added 12,532 ETH over the past week, lifting its Ethereum treasury to 6,028,946 ETH. Chairman Tom Lee said the firm needs about 100,000 more ETH to reach its 5% target and predicted a potentially record-setting crypto bull market.
Bitmine Immersion Technologies increased its Ethereum treasury to 6,028,946 ETH on Monday after acquiring 12,532 tokens over the past week. At $2,544 per ETH, the holdings are worth approximately $15.3 billion. The company now holds 4.9% of Ethereum's 122.1 million token supply, according to its statement.
Bitmine nears its 5% target
Chairman Tom Lee said the firm needs about 100,000 more ETH to reach its goal of owning 5% of the supply. Decrypt reports that Lee has said Bitmine's buying will stop once it gets there.
Of the total, 5,067,309 ETH, valued at $12.9 billion, is staked through the company's MAVAN platform and staking partners, or 84% of its balance. Bitmine projected annualized staking revenues of $336 million based on a seven-day annualized yield of 2.61%.
Beyond ether, Bitmine reported 214 bitcoin, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings and $612 million in cash and marketable securities. Its crypto, cash and other holdings totaled $16.2 billion as of Oct. 11.
Lee sees a potential record bull market
Lee pointed to tokenization, wealth transfers, digital asset treasuries absorbing crypto supply and crypto's links to artificial intelligence as factors that could drive the next market cycle. According to The Block, Lee said: "We see the potential for this to be the largest ever crypto bull market"
He also noted that ether outperformed the S&P 500 by 6,832 basis points in the third quarter despite macroeconomic tightening, high bond yields and Federal Reserve policy.
Ether traded at $2,529.15 on Monday, up 1.03% over 24 hours. Bitmine shares last closed at $24.03 on Friday.
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