Bitmine announced that over 13 months, it has completed 96% of its "Alchemy 5%" plan—to accumulate 5% of all Ether in circulation. Bitmine Chairman Tom Lee stated that since June 30 of last year, when the company began accumulating the second-largest cryptocurrency by market cap, it has increased its Ether position every week. In July, Ether surpassed the U.S. NASDAQ-100 index in market capitalization, which includes the 100 largest companies by market cap listed on the NASDAQ stock exchange, the businessman reported.
"Ether outperformed the NASDAQ-100 index by 2,500 basis points (25%). This is the largest increase since July 2025, and we believe it indicates a strengthening of the cryptocurrency's fundamentals. In July 2025, $ETH rose from $2,375 to $4,057 by the end of August," Lee reminded.
Bitmine still maintains an optimistic outlook on Ether despite the unrealized loss on its $ETH holdings amid the current bearish trend in the cryptocurrency market. Currently, Ether is trading around $1,850, with a market capitalization of $224 billion.
The company continues to commit crypto assets to staking through its MAVAN platform, which is geared toward large investors. As of August 2, Bitmine has staked 4.92 million $ETH worth $9.2 billion at an average price of $1,880 per coin. Lee called Bitmine the leader in the amount of staked Ether. The company forecasts that its annual staking income should reach $247 million.
Recently, Tom Lee stated that Ether is significantly undervalued, but in the coming years, its market capitalization could easily reach $5 trillion—due to the development of decentralized applications based on Ethereum.
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