BitMine Buys 111,942 More ETH as Tom Lee Bets on Crypto ‘Supercycle’
Summary
- BitMine said it bought an additional 111,942 ETH over the past week after Ether fell below $2,200, calling the decline a buying opportunity.
- The company’s Ethereum holdings now account for about 4.5%% of circulating supply, and it plans to keep buying to secure more than 5%% this year.
- BitMine said it expects about $276 million in annual staking income from staking roughly $4.7 million worth of ETH, while Tom Lee said he sees a supercycle ahead for crypto and Ethereum.
Forecast Trend Report by Period
BitMine has made its largest Ethereum purchase this year, adding 111,942 ETH over the past week.
Cointelegraph reported on May 26 that BitMine Chairman Tom Lee disclosed the purchase.
The buy came after Ether fell below $2,200 during a recent market pullback. Ether traded between $2,025 and $2,147 over the past week.
Lee called the recent decline an attractive buying opportunity. He said he expects a supercycle in cryptocurrencies and Ethereum, driven by Wall Street demand for tokenization and growth in the AI agent industry.
BitMine now holds about 5.4 million ETH, equal to roughly 4.5% of Ethereum’s circulating supply.
The company is one of the best-known corporate Ether accumulators, using an approach similar to Michael Saylor’s Strategy. It has kept buying through the market correction.
BitMine’s ultimate goal is to hold more than 5% of Ethereum’s circulating supply. To reach that target, it needs to buy about 644,596 more ETH. Lee expects the company to achieve that goal this year.
Separately, BitMine said it is staking about $4.7 million worth of ETH and expects to generate about $276 million a year in staking income.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
