Bitmine Buys $74M of ETH as Clarity Act Momentum Lifts Sentiment

Bitmine Immersion (BMNR), billed as the largest Ethereum (ETH) treasury company, accelerated its accumulation last week, buying 42,197 ETH as chairman Thomas Lee cited improving odds for U.S. crypto legislation as a potential tailwind. In a Monday update, the company said the purchase was worth about $74 million based on ether's price near $1,750. Total holdings rose to 5.74 million ETH, valued at roughly $10 billion and equal to about 4.8% of Ethereum's circulating supply, moving closer to Bitmine's stated target of reaching 5%. Bitmine also reported 206 bitcoin, $527 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings. Combined crypto, cash and investment holdings were cited at $11.1 billion. The latest weekly buy exceeded the prior week's 27,084 ETH, though it remained below the six-figure weekly pace the company maintained earlier this year. Bitmine's continued ETH buying stands in contrast to a shift at Strategy (MSTR), the largest corporate bitcoin holder, which sold about $216 million of BTC to raise cash. The reduction was described as unusual for Strategy and highlighted funding pressures amid a weaker crypto market and higher dividend obligations. Market observers said the move may have helped ETH outperform BTC by about 6% through last week, despite prices having trended lower almost continuously since August. Lee attributed ETH's relative strength to rising expectations that the proposed Clarity Act could become law. He said prediction markets now imply roughly a 50% chance of passage, the highest level in two weeks. Lee argued that clearer regulation would be a key milestone, positioning crypto's smart-contract platforms such as Ethereum to benefit as digital assets become more embedded in everyday commerce. As examples of mainstream adoption, he pointed to Ethereum layer-2 networks handling USDC transactions for companies including Shopify and Visa. Separately, Bitmine said it has staked more than 4.8 million ETH via its MAVAN staking platform and related infrastructure, generating recurring staking income alongside its treasury strategy. At current prices, those staked holdings are valued at about $8.5 billion.