Bitmine Immersion Technologies just bought another $74 million worth of Ether. That brings their total stash to over 5.7 million ETH — roughly 4.8% of the entire supply.
The timing is interesting. While Bitmine’s loading up, Strategy (the company formerly known as MicroStrategy) sold $216 million worth of Bitcoin on Monday to cover dividend payments. Two very different approaches to crypto treasury management playing out at the same time.
Bitmine’s chair Tom Lee pointed to the Digital Asset Market Clarity Act — the CLARITY Act — as a big reason for the optimism. He thinks the bill could pass the Senate, and if it does, smart contract platforms like Ethereum stand to benefit. Prediction markets give it roughly a 48% chance of becoming law by year’s end.
The CLARITY Act is sitting in the US Senate right now. Republican lawmakers are pushing for a vote when the chamber returns from recess next week. The bill would give the Commodity Futures Trading Commission more authority over digital assets. It needs 60 votes to pass, and Republicans only hold a slim majority. Whether enough Democrats sign on is still an open question — there’s disagreement about ethics provisions.
Bitmine’s latest buy happened when ETH was around $1,759. It’s since ticked up to $1,792. The company’s chair also pointed out that the ETH/BTC ratio has been climbing, which he reads as the market pricing in a higher chance of regulatory clarity.
For now, Bitmine keeps stacking. Strategy keeps selling. And everyone’s watching what the Senate does next week.
