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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/07/2026

Bitmine Adds $74M in ETH, Nears 5% of Supply as Clarity Act Bets Rise

What happened: Bitmine Immersion Technologies acquired 42,197 ETH (about $74 million) in the past week, bringing its total holdings to 5.

Bitmine Adds $74M in ETH, Nears 5% of Supply as Clarity Act Bets Rise

What happened: Bitmine Immersion Technologies acquired 42,197 ETH (about $74 million) in the past week, bringing its total holdings to 5.74 million ETH—roughly 4.8% of the circulating supply and nearing its 5% target. Over 86% of these holdings are staked. Chairman Tom Lee attributes the purchase to increased optimism around the Digital Asset Market Clarity Act, with prediction markets placing passage odds at 50%, the highest in two weeks.

Why it matters: Bitmine's accumulation underscores institutional demand for Ethereum, even as the Clarity Act faces delays in the Senate. The company's buying pace had slowed significantly before this uptick, suggesting a tactical response to shifting regulatory sentiment. Lee's bullishness contrasts with legislative gridlock, highlighting a divergence between market optimism and political realities.

Source: CoinDesk