Tom Lee’s Bitmine Buys $19M More ETH, Nears 5% Total Supply

Tom Lee’s Bitmine is on a serious buying spree. The company just picked up another $19 million worth of Ethereum for its treasury. This latest move shows the firm is doubling down on its belief in the second largest cryptocurrency by market cap.

With this new purchase, Bitmine now holds a staggering 5.82 million ETH. This massive stash puts the company very close to owning 5% of the entire circulating supply of Ethereum. It is a level of concentration that few private companies have ever reached.

This kind of institutional accumulation usually signals long term confidence in the asset. When a single player holds such a large portion of the market, it can affect liquidity and price stability. Traders are watching to see if Bitmine will continue to sweep up coins or if they have finally reached their limit.