Tom Lee’s Bitmine Adds 98,852 ETH in a Week and Now Holds 3.37% of the Supply

Bitmine’s crypto war chest reaches $13.2 billion in Ethereum holdings in just 5.5 months under aggressive accumulation.

Bitmine Immersion Technologies has announced that its combined crypto holdings, total cash and “moonshots” investments are worth approximately $13.2 billion.

The company’s ETH supply has increased to 4.07 million, along with 193 BTC.

Aggressive weekly ETH purchases

According to the official press release, also Bitmine reported a $32 million stake in Eightco Holdings, which is categorized as a “moonshot” investment, and total cash of $1 billion. The ETH holdings represent approximately 3.37% of Ethereum’s total circulating supply of 120.7 million tokens. The company said it has continued to steadily grow its Ethereum holding, adding 98,852 ETH over the past week.

Fundstrat’s Thomas Lee, chairman of Bitmine, described this as a major milestone, noting:

“This is an exciting milestone achieved after just 5.5 months. We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies coming from our substantial ETH holdings. We are a key entity bridging the transition from Wall Street to the blockchain via tokenization. And we have been deeply involved with key entities driving the game-changing development in the defi community.”

Facts composed from CoinGecko shows that Bitmine is now the largest Ethereum treasury in the world and the second largest global crypto treasury overall, behind the Michael Saylor-led Strategy, which holds 671,268 BTC, about $59 billion.

Bitmine also reported strong stock market activity, revealing that it is now one of the most actively traded stocks in the United States. Data from Fundstrat shows that as of December 19, the company’s shares recorded an average daily dollar trading volume of $1.7 billion over a five-day period. This placed the stock at 66th among 5,704 US-listed companies, just behind Wells Fargo and ahead of Chevron.

ETH Momentum stands for test

Bitmine has continued its accumulation strategy despite the recent crypto market recession. Ethereum’s price has gradually recovered, even regaining the $3,000 level on Monday before falling below that level again on Tuesday.

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Ethereum is approaching a resistance range of $3,150-$3,200, which could be a hurdle to momentum according to Kamran Asghar’s 4-hour chart. Previous price reactions suggest that a rejection here could send ETH tumbling towards $2,750-$2,800 support.

Meanwhile, also crypto analyst Ted Pillows said that a daily close above the $3,000 threshold could trigger further upward movement towards $3,300. On the other hand, if the leading altcoin fails to hold this level, it could retest the $2,700-$2,800 range, which has been the case so far.