Crypto06 July, 20262 min read
Bitmine Buys $74 Million Ether, Adding 42,197 ETH to Treasury
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Bitmine bought 42,197 ETH for about $74 million. Strategy sold BTC to fund dividends.
Bitmine adds $74M ETH
Bitmine Immersion Technologies said Monday it added $74 million worth of Ether, buying 42,197 ETH as part of its treasury strategy. The company said it held 5,742,237 ETH as of Sunday, marking an increase of 42,197 Ether since it reported on its holdings last week.
TradingView reported that the ETH holdings were valued at about $1,759 when the buys were reported, and that the price of ETH had increased to $1,792 apiece at the time of publication. The Block described Bitmine’s latest purchase as lifting its treasury to 5.74 million ETH, or 4.8% of the token’s total supply, and tied the move to Clarity Act odds on prediction markets.
Tom Lee links strength
Bitmine chair Tom Lee said optimism about the passage of the Digital Asset Market Clarity (CLARITY) Act in the US was an “important milestone” that could allow “smart contract platforms like ethereum to benefit.” TradingView reported that prediction market traders see about a 48% chance for passage of the Clarity Act by year end, citing Polymarket.
The Block said Lee tied ether’s recent strength against bitcoin to Clarity Act odds hitting roughly 50% on prediction markets, their highest in two weeks. Cointelegraph similarly reported that prediction market traders see about a 48% chance for passage of the Clarity Act by year end, and said the latest buy means Bitmine holds about 4.8% of the token’s total supply, or roughly 121 million ETH.
Legislation and market stakes
The CLARITY Act is under consideration in the US Senate and is expected to give the Commodity Futures Trading Commission more authority in regulating and overseeing digital assets, according to TradingView. TradingView reported that Republican lawmakers are pushing for a vote on the bill once the chamber returns from their state work periods next week, but it is unclear whether enough Democrats will sign onto the legislation without clear provisions on ethics.
TradingView said the CLARITY ACT will need 60 votes to pass in the Senate, where Republicans hold a slim majority. In parallel, TradingView reported that Strategy sold $216 million worth of BTC to fund its dividend payments, reducing its total holdings to 843,775 Bitcoin, while Bitmine’s buying kept its ETH accumulation moving alongside the legislative timeline.