Bitmine, the crypto fund co‑chaired by market veteran Tom Lee, announced a fresh injection of $30 million worth of Ether, pushing its total holdings to 6.04 million ETH.
That amount now accounts for roughly 4.9% of the entire Ethereum supply, placing Bitmine just shy of its self‑imposed “Alchemy of 5%” ceiling—a benchmark Lee set to demonstrate conviction without overexposure.
Lee framed the recent market sell‑off as a “prime entry point,” arguing that Ethereum’s upcoming upgrades and growing DeFi activity will fuel demand for ETH as both a settlement layer and a store of value.
The accumulation could pressure on‑chain metrics, such as the ETH‑to‑USD price and staking participation rates, while also signaling to other institutional players that large‑scale ETH bets are still on the table despite short‑term volatility.
