Tom Lee’s Bitmine Slows Ether Buying for a Second Straight Week, Adding 15,112 ETH

AI summary of the source article

Bitmine Immersion Technologies reported purchasing 15,112 ETH during the week ending October 4, marking its second consecutive week of decelerating buys. The addition brings Bitmine's total treasury to 6,016,414 ETH, valued at approximately $16.4 billion and representing 4.9% of the circulating ether supply. Total assets, including cash and stakes in entities like Beast Industries and Eightco Holdings, reached $17.4 billion. Chairman Tom Lee noted that 5,067,309 ETH of the stash remains staked, which is expected to generate $363 million in annualized staking revenue at a 2.63% yield.

Why it matters

The slowing purchases show Bitmine nearing its self-described 'Alchemy of 5%' target, positioning it as one of the largest corporate treasuries holding and staking Ethereum.

Key facts

• Bitmine bought 15,112 ETH in the week ending Oct. 4, bringing total holdings to 6,016,414 ETH worth roughly $16.4 billion.
• The company's ether holdings represent 4.9% of ether's supply, leaving it roughly 89,000 ETH short of its 5% goal.
• Bitmine maintains 5,067,309 staked ETH, which Chairman Tom Lee projects will generate $363 million in annualized staking revenue.