The treasury firm stepped up its ETH buying as Tom Lee said the crypto’s 30% weekly rally could signal a larger move ahead.
The deal involves Metaplanet contributing 2,100 bitcoin and $2.5 million in cash, valuing the initial investment at $134.6 million.
Chairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.
The Truth Social parent company is refocusing on media and its pending merger with a fusion energy firm, as the digital asset treasury boom has lost its steam.
Chairman Tom Lee said ether's outperformance versus the Nasdaq in July signals strengthening crypto fundamentals.
The firm’s board raised the sale cap to 4,375 ETH through Oct. 30, nearly 66% of June holdings, although 3,050 of its remaining ETH is pledged.
The Swiss bank is exploring multiple paths to the public markets, though discussions are ongoing and no final decision has been made.
The Ethereum treasury company added nearly 10,000 ETH while expanding its stock buyback, citing ether outperforming bitcoin is sending a bullish signal.
Falling share prices, debt obligations and difficult market conditions are forcing former bitcoin accumulators to sell their holdings and restructure operations.
The company added just 7,430 ETH, worth about $14 million, last week as it nears its goal to corner 5% of Ethereum's supply.
The second-largest digital asset treasury increased its buying pace, while Strategy sold a chunk of its bitcoin holdings.
The bank said in a note bitcoin's cycle points to a market bottom in the coming months, urging investors to focus on networks with durable value accrual.
Bitmine made its smallest purchase since early May as Lee pointed to investors cutting losses before the start of the second half of the year.
The real estate investor pitched his model as a treasury company backed by cash-flowing property rather than stock sales, framing the slide in bitcoin as a chance to accumulate.
Partner Alex Odagiu will serve as an interim president, pending a search for a new chief executive, while head of YZi Labs Ella Zhang and Matthew Roszak also appointed directors of CEA.
The largest Ethereum treasury firm slowed its buying pace but remains on track to reach its goal of owning 5% of ETH supply.
Tom Lee's Ethereum treasury firm, through the preferred stock sale, is using a financing tool pioneered by Michael Saylor's bitcoin treasury firm Strategy.
The company bought 126,971 ETH last week, worth roughly $214 million at current prices, despite chairman Tom Lee's earlier calls to slow purchases.
Strategy, Bitmine, and other major treasury firms have seen paper gains evaporate as crypto prices continue sliding.
With Strategy breaking its accumulation streak and many peers stepping aside, the list of active digital asset treasuries has narrowed considerably.
The Ethereum treasury firm cut weekly purchases by more than 75% after the previous week's 112,000 ETH buying spree.
The firm said it purchased 8,568 ether on May 11 at an average price of $2,334. Since then, ETH broke below $2,000, leaving the firm sitting at a $3 million unrealized loss.
The inclusion could attract fresh passive inflows from index-tracking funds, while the firm's stock tanked 95% from its peak over the past year.
The company bought 111,942 ether last week worth $237 million, ramping up purchases to take advantage of ETH's drop below $2,200.
The company says it is building a broader fintech, tokenization and digital infrastructure business, but its latest SEC filing shows WLFI still dominates the balance sheet.
The Ethereum treasury firm bought over 71,000 ETH last week, a sharp increase from the previous week's purchases.
The firm bought roughly 26,000 ether last week, a sharp decline from the average of the previous weeks' 100,000.
At the current pace of purchases, Lee said his Ethereum treasury giant would reach its 5% ether accumulation goal in six weeks, then shift its focus to staking and share buybacks.
Bitcoin-backed “digital credit” is scaling fast, with executives pointing to a $3 trillion long-term opportunity.
Bitmine's latest ETH purchase comes as Lee cited progress on digital asset regulation CLARITY Act as a key catalyst for crypto markets.