Crypto giant BitMine Immersion Technologies has revealed a massive Ethereum purchase, securing more than 373,000 ETH worth $1.7 billion in just one week.
With its latest acquisition, BitMine’s total assets have surged to $6.6 billion, giving the firm control of over 1% of Ethereum’s circulating supply.
The move cements BitMine’s spot as the second-largest ETH holder, behind only market leader Strategy.
“We added $1.7 billion worth of ETH in just one week,” said BitMine president and Fundstrat CIO Tom Lee. “The interest and support from institutional investors strengthens our strategy to target 5% of the ETH supply.”
Comparing Crypto to Historic Shifts in Finance
Lee also tied BitMine’s aggressive strategy to broader U.S. policy developments, including the recently enacted GENIUS Act and the SEC’s Project Crypto framework. He compared their long-term impact to the end of the Bretton Woods system in 1971, when the U.S. abandoned the gold standard.
“Just as that era modernized Wall Street and created the financial system we know today, these steps will drive a massive shift for the crypto market,” Lee said.
With institutional adoption accelerating and supply tightening, BitMine’s bold push positions it at the center of Ethereum’s evolving financial landscape.
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Source: https://coindoo.com/bitmine-snaps-up-1-of-all-ethereum-1-7b-buy-in-a-week/