Bitmine adds US$74M in Ether
- Bitmine purchased about US$74 million worth of Ether, increasing its holdings to 5,742,237 ETH.
- The purchase contrasts with Strategy's sale of US$216 million in Bitcoin to fund dividend payments.
- Bitmine's chairman said improving prospects for the US CLARITY Act support the company's Ethereum-focused treasury strategy.
Bitmine Immersion Technologies added about US$74 million of Ethereum (CRYPTO:ETH) to its treasury, increasing its holdings to 5,742,237 ETH, or about 4.8% of the cryptocurrency's estimated circulating supply.
The company acquired an additional 42,197 ETH after reporting its holdings last week, with the purchase valued at about US$74 million based on an Ether price of US$1,759 at the time.
“The rise in the ETH/BTC ratio in the past few days make sense as markets start to see greater chances of Clarity Act passage,” said Bitmine Chairman Tom Lee.
Lee said the proposed Digital Asset Market CLARITY Act would be an important milestone for smart contract platforms such as Ethereum, while the company said the legislation supports its long-term treasury strategy.
The purchase contrasts with Strategy (NASDAQ:MSTR), which disclosed the sale of US$216 million of Bitcoin (CRYPTO:BTC) to fund dividend payments, and following the announcement Bitmine's share price was not disclosed.
The CLARITY Act is awaiting consideration in the US Senate and would expand the Commodity Futures Trading Commission's authority over digital assets if passed.
Republican lawmakers are seeking a Senate vote after the current state work period, although the bill requires 60 votes to pass and bipartisan support remains uncertain due to ongoing debate over ethics provisions.
At the time of reporting, Ethereum price was $1,799.22.
