Bitmine is the main ETH corporate treasury.
To the rhythm of accumulation that it carries, more and more of its competitors will quickly move away.
5 years ago, more precisely on August 11, 2020, Michael Saylor began what could be called his own corporate alchemy: convert Strategy cash into Bitcoin (BTC), as a reserve asset.
To do this, Strategy CEO deployed different debt issuance mechanisms, such as convertible actions and bonds, to finance Bitcoin’s purchases without having to depend on its operational income.
At the moment, The American firm is the one that has the most BTC in its treasury, with a total of 628,946 BTC.
The repeated BTC purchases created a kind of “saylorization” in corporate treasury. It is that more and more companies chose to incorporate the currency created by Satoshi Nakamoto as a refuge to protect themselves from economic turbulence and geopolitical tensions.
Over time this strategy was evolving and several companies expanded their approach beyond BTC. In this way Ether, the Cryptocurrency of Ethereum, began to gain prominence.
And, just as the asset changed at the center of attention, A new ultranza defender of Ethereum also appeared: Tom Lee.
In this regard, Scott Melker, financial market analyst, Point out: “Tom Lee is becoming Eth’s Michael Saylor, there is no doubt.”
Tom Lee is the co -founder of Fundstrat and president of Bitmine Immersion (BMNR), The company with more ETH in its corporate treasury. Currently, he has 1.15 million ETH in his hands, valued at 4.9 billion dollars.
In addition, it is the third public contribution company with digital assets in its balances, as seen in the following image.
Lee is positioning itself as the main visible face of ETH. Through its networks, disseminates price projections, promotes long -term accumulation, shares information on recent corporate purchases and highlights the strategic potential of cryptocurrency, something similar to what Saylor does with BTC.
Melker also highlights the fact that BMNR accelerated with ETH’s purchases in the last five weeks. “The best thing is not only that Tom Lee is buying a lot of ETH, but is also introducing the asset in Wall Street. ETH inverters are finally on the right side of both the momentum As of feeling, ”explains the analyst.
This impulse not only strengthens ETH narrative as a reserve asset, but also gives visibility among more traditional investorswhich drives your upward price.
For this reason, Melker says that ETH “is crazy” and warns that Tom Lee is the main reason why the network asset created by Vitalik Buterin is negotiated for $ 4,500, a level not seen since 2021.
On August 4, Bitmine reported the purchase of 208,000 ETH, valued at 2.9 billion dollars. According to the specialist, this investment is comparable to the recent acquisition of 21,021 BTC made by Strategy, one of BTC’s largest purchases in the five years of the company’s history. In addition, it emphasizes: “To put it in context, Bitmine market capitalization is about 7,000 million dollars, compared to the 115,000 million dollars of Strategy. That is equivalent to a featherweight fighter (about 66 kg) with a couple of years of training, throwing such strong blows as a heavyweight (more than 93 kg) that has been in the octagon.”
In simpler terms, Melker illustrates the image of the featherweight fighter to reinforce the idea that Bitmine, despite his shortest career, is playing in the same league as a bigger and consolidated actor.
Here you have to mention another issue: Bitmine’s plan is to reach 5% of Eth’s current supplywhich is 120.7 million ETH. “Considering that Bitmine has been acquiring ETH for a few weeks and already represents 6.7% of the size of the Strategy Treasury, it is something remarkable. I do not believe that this rhythm is maintained enough to complete dollars, ”Melker clarifies in his report.
The analyst considers to highlight another aspect: the dynamics of the supply between BTC and ETH in corporate treasury. On this subject, he explains: “BTC treasury maintains 3.65 million BTC, which represents around 17.4% of the total supply, and potentially between 20% and 25% if lost currencies are considered. In comparison, ETH has only about 4.89% of its supply in treasury. This leaves a lot of space for the asset to reach and even exceed BTC in terms of percentage acquired Market capitalization in the coming months. ”
What Melker raises is that the level of institutional adoption is still very low compared to BTC, which implies that The second most valuable asset in the market has a great margin of growth.
By way of conclusion, he says that “Tom Lee is making it almost impossible for Bitmine competitors to follow him.”
