Bitmine Buys $41M More Ethereum, Reaching 99% of Its 'Alchemy of 5%' Target

Key Summary

Bitmine, a firm backed by Tom Lee, chairman of Fundstrat, has acquired $41 million worth of Ethereum, bringing its holdings to 6 million ETH, approximately 4.9% of the total supply. This purchase marks 99% of the way to its "Alchemy of 5%" target. The company's total assets now stand at $17.4 billion, including cash and "moonshots." Lee stated that a crypto bull market is underway, citing Ethereum's outperformance of the S&P 500 by 6,832 basis points this quarter despite macro headwinds.