Ethereum treasury firm Bitmine has acquired an additional 26,497 ETH, worth about $52 million at today’s prices. This boosts its total ether holdings to 5,416,901 ETH, according to an announcement on Monday.
Bitmine Chairman Tom Lee predicted the firm is "expected to reach" its goal of holding 5% of the total (ETH) supply "sometime in 2026." It currently holds 4.49% of the total, with Ethereum’s circulating supply estimated at 120.7 million coins.
ETH is currently trading at $1,978, according to The Block’s price page, off about 30% year-to-date and down 60% from its all-time high of $4,946. The crypto industry in general has been trading rough, even as major stock indexes like the S&P 500 and Nasdaq near record highs.
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"In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026," Lee said in a statement.
