Update
Bitmine Buys More ETH Towards 5% Goal
Bitmine, a NYSE-listed firm chaired by Tom Lee, has purchased an additional 9,587 ETH worth approximately $20 million. This brings the firm's total holdings to 99% of its 5% goal of Ethereum (ETH). Tom Lee attributes this to Vitalik Buterin's recent statement that 'ETH is money,' which he considers a 'seismic shift.' The firm's strategy involves buying ETH every week since June 30, 2025, and it currently holds 6,070,092 ETH with a total value of $13.6 billion at a reference price of $2,234 per ETH. Bitmine also holds 216 BTC, $475 million in cash and securities, and stakes in other companies like Beast Industries and Eightco, which it positions as indirect OpenAI exposure. The firm's strategy is to keep buying ETH to maintain its position, but it is now almost at its own target, so any slowdown in purchases could indicate a change in the market dynamics.