BitMine buys another 101,745 ETH for $238M — now holds 4.29% of total supply!

BitMine Immersion Technologies acquired 101,745 ETH last week for approximately $237.7 million at $2,336 per token, its third consecutive week purchasing more than 100,000 ether. Total holdings now stand at 5,180,131 ETH — 4.29% of Ethereum's 120.7 million circulating supply — putting the firm 86% of the way toward its stated 'Alchemy of 5%' target.

Roughly 84% of the position, or 4.36 million ETH, is staked through MAVAN, BitMine's institutional validator platform, generating an annualised $297 million in staking revenue at a 2.91% seven-day yield. Full deployment would push projected annual staking income to $352 million. The firm's total treasury — including 200 BTC, equity stakes, and $700 million in cash — sits at $13.1 billion.

Chairman Tom Lee framed the buying pace as a macro call, noting ETH has outperformed the S&P 500 by 1,380 basis points since the onset of the Iran…