Tom Lee, the cofounder of the world’s largest Ethereum treasury, has continued to aggressively stack up on Ethereum, purchasing more tokens than Strategy’s Bitcoin purchases this week.
Data provided by Arkham intelligence platform shows that Tom Lee purchased about $140.74 million worth of ETH over the past week to further boost BitMine’s holdings.
With this massive purchase, Tom Lee has outpaced Strategy’s Saylor for the first time as the purchase surpasses the $75 million Bitcoin acquisition recorded this week by Michael Saylor, the executive chairman of leading asset management firm Strategy.
BitMine nears 4% of Ethereum supply
With the massive Ethereum accumulation made last week, BitMine’s Ethereum holdings have now reached about $10.03 billion, as the firm retains its dominance across the Ethereum treasury market.
Apart from its aggressive Ethereum accumulation, BitMine has also continued to double down on its Ethereum stake as it has recently staked $200 million worth of ETH. This allows BitMine to expand its holdings by earning rewards while contributing to network validation.
Following its latest Ethereum purchases, BitMine now holds about 3.86% of the total Ethereum supply.
The firm has also surpassed Strategy in various crypto-holding ratios, as Saylor’s Strategy currently holds about 3.63% of Bitcoin's total supply of 21 million tokens.
The crypto community expects that if BitMine continues its steady Ethereum accumulation, it may achieve 4% of ETH’s supply soon, as it would only need to purchase about $359 million more in ETH to reach the 4% mark.
Dan Burgin
Vladislav Sopov
