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Bitmine Nears 6 Million ETH as Strategy and Strive Pile Back into Bitcoin
- Bitcoin and Ethereum are rallying hard, up over 6% and 4.9% respectively in the past 24 hours, with some analysts calling it a full-blown bull market.
- Bitmine has bought another 27,562 ETH and is now 98% of the way to its goal of holding 5% of the total ETH supply.
- Strategy has resumed buying after a three-week pause, picking up 950 BTC and taking its total holdings to 846,000 BTC.
- Strive has added 1,355 BTC to reach 26,355 BTC in total, while Japanese firm Metaplanet pushes its treasury strategy into the US market.
The crypto market is on a rally, with Bitcoin gaining over 6% in the past 24 hours and Ethereum trailing at 4.9%. At the time of writing, ETH trades for US$2,769 (AU$3,887) while BTC trades for US$86,400 (AU$121,364).
Some analysts think this is a full-blown bull market, not just a small rally. Bitmine chair Tom Lee said the firm believes “a crypto bull market is underway, having started in late June, driven by a multitude of factors including the rotation from AI back to crypto, strengthening crypto fundamentals centered around both tokenization and AI and lastly, the ending of the 4-year cycle”.
In a recent report, Bitmine said it has bought another 27,562 ETH, bringing its holdings to 4.9% of all coins. It also said it is now “98% of the way to the ‘Alchemy of 5%’”.
That “Alchemy of 5%” refers to its stated goal of holding 5% of the total ETH supply. At current prices, that stack of 5,983,940 ETH is worth US$16.56 billion (AU$23.24 billion). Bitmine is the second-largest crypto-treasury company behind Strategy.
Read also: Bitcoin ETFs Dodge Second Straight Weekly Outflow as $433M Friday Inflow Reverses Loss
Saylor and Co. Also on a Buying Spree
Meanwhile, Bitcoin bull Michael Saylor announced that Strategy has resumed buying Bitcoin. The latest purchase, made on 21 September, comes after a three-week hiatus. The company spent US$76 million (AU$106.7 million) for 950 BTC, bought at an average price of US$79,670 (AU$111,849). It now holds 846,000 BTC, worth US$73.09 billion (AU$102.6 billion).
Fifth-largest public Bitcoin holder, Strive, has also added more BTC to its stash. In an official Form 8-K filing with the SEC, the company said it added 1,355 coins, which brings its total to 26,355 BTC.
It spent US$107.7 million (AU$151.2 million) on the purchase at an average price of US$79,475 (AU$111,609) per coin. Its total BTC holdings are worth US$2.27 billion (AU$3.18 billion) at current prices.
Out of the top five public companies holding BTC, four are US firms. Twenty One Capital and Marathon Digital hold second and third spots. Japanese firm Metaplanet sits in fourth spot. Earlier in August, CNA reported that Metaplanet is expanding beyond Japan. The company said it would take its BTC treasury play to the US with an investment in Nasdaq-listed Super League Enterprise and a Bitcoin transfer of 2,100 BTC.
Related: Bitcoin Treasury Titans Reload: Strive and Strategy Add $513M in BTC
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
