Bitmine Buys Another $81M in Ethereum as ETH Outperforms Bitcoin

In brief

• Tom Lee's Bitmine bought another 32,447 ETH, worth roughly $81 million, last week.
• Bitmine says its 5.85 million ETH represents about 4.8% of the supply.
• The price of Ethereum is up more than 30% in the last week.

Bitmine Immersion Technologies is another step closer to its goal of owning 5% of Ethereum’s supply after buying another 32,447 ETH, worth roughly $81 million, last week.

The company said Monday that it held 5,847,611 ETH, worth around $15 billion as of August 23.

With Ethereum’s supply at approximately 120.7 million tokens, the 5% mark is about 6.04 million ETH. That puts Bitmine roughly 187,000 ETH short of its goal.

Bitmine's latest buy comes amid renewed interest and excitement in the crypto market, with the price of Ethereum exploding over the last week. ETH is up a whopping 31.5% in the last seven days, outperforming even Bitcoin's impressive gains of nearly 24% in the last week. ETH is currently trading for just under $2,500, up almost 3% in the last day alone.

Sentiment around the asset has shifted on prediction markets as well. On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders are now pricing in 64% odds that Ethereum hits $3K before dropping down to $1.5K. Those odds were reversed less than a week ago, with odds as high as 74% on the bearish outcome before the market turned.