Bitmine has 3.3 million Ethereum on its balance sheet after new monster purchase

While Ethereum (ETH) is showing signs of life again, Bitmine has once again hit the crypto market. In a new press release, the company announces that it has expanded its reserves by hundreds of millions of dollars, further strengthening its leading position.

Bitmine now owns 2.8% of all Ethereum

Through an official press release, Bitmine announced that it has added $321 million worth of Ethereum to its reserves. The investment brings Bitmine’s total assets to 3.31 million ETH. At a current price of over $4,100, the estimated market value is approximately $13.7 billion.

With this new purchase, the company now owns 2.8 percent of Ethereum’s total circulating supply. According to the statement, Bitmine is steadily working towards its strategic goal of owning 5 percent of all available ETH. This internal plan is referred to within the company as the “Alchemy of 5%”.

The market responded enthusiastically to the news. Bitmine shares closed yesterday with a solid rise of 6.55 percent, at a closing price of $53.71. Remarkably, we see a slight decline in the pre-market, the trading prior to the official opening of the stock exchange. The price currently stands at $53.17.

Bitmine and Strategy dominate

With its current position, Bitmine is the largest Ethereum reserve company in the world. In the broader crypto sector, the company now ranks second, just behind Strategy, which takes a leading role as the largest Bitcoin (BTC) reserve company. Strategy currently owns a whopping 640,808 BTC, worth a total of $73.3 billion.

According to the most recent data, there are now 70 public companies that hold ETH as a strategic reserve. Collectively they own approximately 6 million Ethereum, accounting for more than five percent of the total circulating supply.

Tom Lee remains bullish

Bitmine chairman Tom Lee expects a lot of fireworks from Ethereum in the coming months. In a recent podcast, he reiterated his previous prediction that ETH could reach the $10,000 mark by the end of 2025. This would represent an increase of approximately 144 percent from current levels.

Although time is running out, Lee continues to stick to his scenarios of structural growth, driven by institutional adoption and scarcity. He is even more certain about the longer term: by 2032, he believes, Ethereum could rise to as much as $62,000. This would amount to an increase of more than 1,400 percent.