Tom Lee’s BitMine Buys $200M Ethereum As SEC Delays BlackRock ETF ETH Staking Decision
Tom Lee’s BitMine has bought another $200 million worth of Ethereum as the US Securities and Exchange Commission (SEC) delays a decision on staking for BlackRock’s spot ETH ETF (exchange-traded fund).
According to on-chain data shared by Lookonchain on X, BitMine Immersion Technologies bought 46,255 ETH valued at $200.43 million across three transactions via Bitgo.
BitMine’s ETH Holdings Top 2 Million Tokens
The recent ETH buy by the firm comes just two days after BitMine bought 10,230 ETH for $44.57 million.
With that purchase earlier this week, the company’s holdings in the largest altcoin by market cap topped 2 million ETH for the first time.
Lookonchain said in its X post today that BitMine’s holdings now stand at 2,126,018 ETH worth around $9.27 billion at current prices.
BitMine is currently the largest ETH treasury firm globally, ahead of SharpLink Gaming, of whom Ethereum co-founder Joe Lubin is Chairman.
Data from StrategicETHReserve shows SharpLink’s holdings stand at around 837.23K ETH worth approximately $3.7 billion.
BitMine Shares Rise After Latest ETH Buy
BitMine’s latest ETH buy was seen as a positive by traders and investors, with the company’s share price rising over 2% in the last trading session, according to Google Finance data.
BMNR price (Source Google Finance)
Buying activity continued in pre-market trading today to boost the stock price by another 5%.
Despite the recent rise, BitMine’s share price is still more than 22% down in the past month as numerous crypto treasury companies see their premiums compress.
SEC Delays BlackRock ETH ETF Staking Decision
While investors celebrate BitMine’s recent ETH purchase, they will have to wait a bit longer for the SEC to deliver a decision on a proposal to add staking to BlackRock’s spot Ethereum ETF.
According to a recent filing by the SEC, the agency has pushed back the decision to Oct. 30.
The SEC’s move to delay its decision on staking for BlackRock’s ETHA comes even as the agency has developed a more pro-crypto stance after Donald Trump entered office.
Earlier this year, SEC Chair Paul Atkins unveiled the agency’s “Project Crypto” initiative. The SEC has also said that certain staking activities are not considered to be securities offerings.
Along with the BlackRock ETH ETF staking proposal, the agency has also delayed its decision on a similar proposal for Franklin Templeton’s fund.
The BlackRock iShares Ethereum Trust (ETHA) has been one of the best-performing ETH ETFs in terms of cumulative inflows since the investment products launched in the US last year.
According to Farside Investors data, ETHA has seen $12.738 billion in cumulative inflows. This is far more than the second and third highest cumulative inflows posted by Fidelity’s FETH and Grayscale’s ETH, respectively.
US Ethereum ETF flows (Source: Farside Investors)
Cumulative inflows for FETH stand at $2.616 billion, while ETH’s cumulative inflows are $1.406 billion.
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