Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'

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Decrypt News Business Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking' The Ethereum treasury firm now holds 6.03 million ETH, 4.9% of supply, as Lee predicts the biggest crypto bull market yet. In brief Bitmine acquired 12,532 ETH over the past week, bringing its holdings to 6,028,946 ETH, or 4.9% of Ethereum's supply.

The Ethereum treasury firm now holds 6.03 million ETH, 4.9% of supply, as Lee predicts the biggest crypto bull market yet. Chairman Tom Lee said the firm needs about 100,000 more ETH to reach its 5% target, after which it will be "done stacking."

Lee predicted the largest crypto bull market ever, citing tokenization (representing an asset as a tradable entry on a blockchain), a generational wealth transfer and supply held by treasury firms. Bitmine Immersion Technologies bought 12,532 ETH over the past week, worth about $31.9 million at the $2,544 price the company used to value its holdings and lifting its holdings to 6,028,946 ETH, the company said Monday. The stash represents 4.9% of the total 122.1 million Ethereum token supply, leaving the firm 99% of the way to its goal of owning 5%, a target it calls the "Alchemy of 5%."