• Bitmine Immersion total ETH holdings hits over $8 billion. 
• The entity just purchased $345.6 million in ETH, bringing its total to 1,792,960 ETH.
• This brings Bitmine closer to its goal of owning 5% of the total ETH supply.

Bitmine Immersion total ETH holdings hits over $8 billion as the entity just bought another 78,791 ETH worth $345.6 million. This brings Bitmine’s total ETH holdings to 1,792,960 ETH, amounting to a price of over $8 billion, as the price of ETH trades in the $4,400 price range. The entity’s Chair, Tom Lee, has said before that he expects the price of ETH to hit a new ATH of $5,500 soon and surge towards bullish targets between $10,000 – $16,000 by the end of the year. 

Bitmine Immersion Total ETH Holdings Hits Over $8 Billion

The ongoing bull cycle has ignited a strong ETH accumulation race, one that Ethereum, the pioneer altcoin asset, has never experienced before. Unlike Bitcoin (BTC), the pioneer cryptocurrency, ETH was not heavily accumulated by institutions or large financial entities during the previous bull cycle. In fact, only a select few figures like El Salvador and Strategy got an early start in accumulating Bitcoin (BTC) during the last bull cycle. 

What spurred other entities and financial institutions to action during this bull cycle was the successful launch of Bitcoin and Ethereum Spot ETFs. In detail, the sudden popularity of BTC and ETH ETFs led to a sudden surge in interest from a greater web2 demographic, which institutions had to accumulate more BTC to keep up with demand. This sudden interest also sparks the idea for building ETH Treasuries. 

Several financial experts saw the potential of Ethereum (ETH) and figured that the asset could pump a lot more in comparison to BTC this bull cycle, especially from this point. Thus, they began to aggressively accumulate ETH at much lower prices and have shown no signs of slowing down in accumulating ETH despite the pioneer altcoin asset having reclaimed its previous ATH price and even setting a new ATH price.

Tom Lee’s Foresight for Ethereum

Bitmine Immersion, under the leadership of Tom Lee, was one entity that completely pivoted its strategy and swapped all its Bitcoin (BTC) to Ethereum (ETH). Since then, it has been aggressively accumulating more and more ETH so much so that they have accumulated over 1% of the total ETH supply. This is just as Tom Lee plans, as the entity is aiming to hold 5% of the total ETH supply.

With each ETH purchase, Bitmine gets closer to its ultimate goal. As we can see from the post above, Bitmine adds another 78,791 ETH worth $354.6 million, now holding a total of 1,792,690 ETH. Presently, Bitmine Immersion’s ETH holdings add up to a value over $8 billion. Responses to the post say that accumulation at this scale isn’t about price action, but rather about cornering future liquidity. When whales consolidate ETH, they’re buying optionality on the settlement layer of global finance. 

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