Bitmine Buys 27,562 ETH for $75 Million, Pushing Holdings Past 4.9% of Ethereum Circulating Supply

Bitmine, the Ethereum treasury company chaired by Tom Lee, acquired 27,562 ETH for approximately $75 million, bringing its total holdings to over 4.9% of Ethereum's circulating supply and moving it closer to its stated target of 5%. The company's total Ethereum investments now stand at $17.1 billion, making it the largest corporate holder of the asset.

The purchase coincided with Ethereum climbing above $2,700 amid a broader crypto market rally. Bitmine did not disclose the average price paid for the latest tranche. Shares of the company, ticker BMNR, rose more than 5% on the news.

Tom Lee declared that "a crypto bull market is underway, having started in late June," citing multiple driving factors. Analysts noted that Bitmine's aggressive accumulation strategy could catalyze further institutional interest in Ethereum and reshape crypto market dynamics.