Key Highlights
Bitmine purchased 101,745 ETH worth approximately $238 million last week, bringing its total holdings to 5.18 million ETH, roughly 4.29% of the token's outstanding supply.
Chairman Tom Lee declared that "crypto spring" has begun, citing improving sentiment and continued institutional accumulation of digital assets.
Bitmine has pledged over 84% of its ETH holdings to staking, generating approximately $297 million in annualized staking revenue.
Bitmine, the largest known corporate holder of Ether, acquired 101,745 ETH last week at a cost of approximately $238 million, according to filings reviewed on May 4. The purchase brings the company's total Ether holdings to 5.18 million tokens, equal to roughly 4.29% of the total ETH supply, extending its lead as the largest institutional holder of the asset.
Chairman Tom Lee, who also serves as head of research at Fundstrat, stated that a "crypto spring" has begun, marking a shift in tone from earlier in the year when Lee had described the market environment as a "mini-crypto winter." Lee cited the combination of institutional accumulation, improving regulatory clarity from the CLARITY Act stablecoin compromise, and renewed ETF inflows as evidence that sentiment has turned.
Beyond spot holdings, Bitmine has pledged more than 4.36 million ETH to staking, representing over 84% of its total position. The staking operation generates approximately $297 million in annualized revenue at current yields, adding a recurring income layer to the company's treasury strategy. The firm continues to acquire ETH through a combination of open-market purchases and OTC transactions with the Ethereum Foundation.
The $238 million purchase follows a similar $236 million acquisition in late April, as Bitmine has accelerated its buying pace significantly over the past several weeks. The company has not disclosed a target ceiling for its ETH holdings or indicated whether it plans to continue purchasing at the current rate.
