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

Key Summary

Bitmine has acquired $41 million worth of Ethereum, bringing its holdings to 6,016,414 ETH, or 4.9% of the supply, and 99% of the way to its "Alchemy of 5%" target. This purchase lifts Bitmine's stash past 6 million ETH. Chairman Tom Lee attributes the purchase to Ethereum's outperformance of the S&P 500 by 6,832 basis points this quarter, despite macro headwinds. Total holdings, including cash and "moonshots," now stand at $17.4 billion.