Bitmine Buys $238M of ETH, Calls Start of a "Crypto Spring" as U.S. Rules Advance

Bitmine (BMNR), described by CoinDesk as the largest Ethereum treasury company, bought 101,745 ether (ETH) last week. Chairman Thomas Lee said a new "crypto spring" is taking shape even as overall market sentiment remains weak. The purchase lifts Bitmine's ETH holdings to more than 5.18 million tokens, about 4.29% of Ethereum's circulating supply. The company said it holds $13.1 billion in cryptocurrencies and cash, including 200 bitcoin (BTC), $700 million in cash, and equity stakes such as Beast Industries and Eightco Holdings. The latest ETH buy is valued at roughly $238 million at current prices. Bitmine has been making large weekly purchases as it ramps up ETH accumulation. Lee pointed to improving conditions tied to progress on the U.S. digital-assets regulatory bill known as the CLARITY Act, arguing the market is emerging from a recent "miniwinter." In a statement, Lee said the U.S. Senate released a compromise version of the CLARITY Act that would bar earning yield on stablecoin reserves while permitting activity-based "rewards," aiming to protect existing depository institutions. "We can largely accept this compromise and hope the bill passes in 2026," he said, adding that Polymarket traders put the odds of passage this year at above 60%. "We believe that the crypto spring has begun, but as with past cycles, investor sentiment and confidence remain low and bearish, even as cryptocurrency prices strengthen," Lee said. He cited two long-term tailwinds for Ethereum: the migration of financial assets onto blockchain networks through tokenization, and the rise of AI tools that may rely on neutral public networks for payments and verification. Lee also said ether is increasingly seen as both a store of value and a medium of exchange, noting it has outperformed stocks since the start of the Iran conflict. Bitmine has expanded staking, with more than 4.36 million ETH staked—over 84% of its holdings—generating an annualized income of about $297 million. The company's MAVAN staking platform is built to serve internal needs and external institutional demand. Lee is scheduled to speak this week at CoinDesk's Consensus Miami conference. (Updated Monday.)