BitMine Aims to Acquire 5% of Total ETH Supply in Treasury Expansion
BitMine, a major player in the cryptocurrency space, has set an ambitious goal to acquire and stake at least 5% of the total Ether supply. According to Tom Lee, chairman of BitMine’s board of directors, this would amount to over 6 million ETH, a move that signals the company’s aggressive strategy in the ongoing treasury arms race among crypto firms.
The company has reportedly purchased over $2 billion worth of Ether in just 16 days, showcasing its rapid accumulation strategy. This push aligns with a broader trend of institutions and large holders increasing their ETH stakes, particularly as Ethereum continues to evolve with upgrades aimed at improving scalability and efficiency.
Lee emphasized that BitMine’s strategy is focused on long-term growth, leveraging staking rewards while securing a significant position in the Ethereum network. Acquiring such a large share of ETH would not only provide substantial staking yields but also strengthen the company’s influence in the decentralized finance ecosystem.
The move comes as Ethereum remains a dominant force in smart contracts and decentralized applications, with institutional interest growing steadily. BitMine’s aggressive accumulation could further tighten ETH supply on exchanges, potentially impacting market liquidity and price dynamics.
While the company has not disclosed specific timelines for reaching its 5% target, its rapid purchasing pace suggests a strong commitment to the goal. Analysts will be watching closely to see how this strategy unfolds and whether other firms follow suit in the race to control a larger share of ETH.
