Bitmine Buys $213M in Ethereum, Nears 4.59% of ETH Supply

According to Arkham Intelligence, Bitmine, the Ethereum treasury company founded by investor Tom Lee, purchased $213.57 million in Ethereum recently. The acquisition brings Bitmine's total ETH holdings to 4.59% of the entire circulating supply, one of the largest single-entity positions in Ethereum's history.

To reach its apparent 5% target, Bitmine would need to purchase an additional $819.86 million at current prices, providing a measurable demand floor as Ethereum trades below $1,700.