BitMine Amasses 3.5M ETH Worth $13.2B, Eyes 5% Supply
BitMine has accelerated its Ethereum accumulation, adding 82,353 ETH in early November and 110,288 ETH via over-the-counter (OTC) purchases this week. The firm now holds 3.5 million ETH—about 2.9% of circulating supply—valued at $13.2 billion under its “Alchemy of 5%” strategy. Beyond ETH, BitMine’s crypto treasury includes 192 BTC, $389 million in cash and a $62 million stake in Eightco Holdings. Founded by Tom Lee and backed by institutional investors, the company points to rising stablecoin supply and record on-chain revenues as growth indicators. Traders view this Ethereum accumulation as a bullish signal for ETH, supporting liquidity and long-term market sentiment.
Bullish
BitMine’s sustained Ethereum accumulation reduces available supply through large OTC purchases and on-chain buys, creating immediate price support. In the short term, these purchases limit sell-side liquidity and signal strong institutional interest, likely boosting trader confidence. Over the long term, a growing institutional stake under the “Alchemy of 5%” plan reinforces market sentiment, underpins ETH’s macro asset status and may drive continued price appreciation as supply tightens.