Ethereum News: Tom Lee’s Bitmine Buys $157M ETH Amid CLARITY Act Senate Review

On Monday, Bitmine reported increasing its Ether holdings with a new purchase of 71524 ETH valued at $157.49 million, according to Ethereum news today. The recent purchase pushed the firm’s overall Ether holding to 4,874,858 ETH. The ETH stash is worth over $10.6 billion while the total crypto investments exceed $11.8 billion.

Ethereum News: Bitmine Buys More ETH

The Tom Lee-backed company also revealed holding 198 Bitcoin (BTC), $200 million in MrBeast’s Beast Industries, and a $85 million stake in Eightco Holdings. Bitmine has total cash reserves of $719 million, according to this week’s update.

Bitmine is the corporate leader in the Ethereum treasury domain while Strategy leads the Bitcoin treasury race. Its ETH reserve now represents over 4% of total Ether supply, which is a major achievement.

According to Chairman Thomas Lee, geopolitical tensions continue to weigh on the market but ETH price stays resilient above $2,200. In the Ethereum news update, Lee said:

Lee compared the performance of ETH price to the traditional safe havens as Bitmine continues buying Ethereum. “And we believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value,” he stated. The Bitmine Chairman also spotlighted structural demand trends, saying:

Ether Staking Activity Grows Amid CLARITY Act Backdrop

Bitmine now has a total of staked ETH of 3,334,637, worth $7.4 billion. The reserve earns it an annualized reward of about $310 million. In addition, the company quoted a Composite Ethereum Staking Rate (CESR) of 2.73% and a yield of 2.89% over 7 days.

For further context, the Ethereum news comes as the CLARITY Act moves on to a Senate Banking Committee markup in mid-April. This new bill seeks to clarify regulatory oversight.

It will assign the jurisdiction of digital commodities to the Commodity Futures Trading Commission and securities to the Securities and Exchange Commission. If passed, it could mean a landmark achievement for the crypto market, which could boost the overall market sentiment in a positive direction.