Bitmine Immersion purchased 42,197 Ether last week for roughly $74 million. Chairman Thomas Lee linked the move to growing optimism that the Digital Asset Market Clarity Act will pass in the United States.
The company now holds 5.74 million Ether, equal to 4.8 percent of the total supply. It also owns 206 Bitcoin and other assets that bring its total holdings to $11.1 billion.
Lee said investors have grown more optimistic about the legislation, with prediction markets assigning it roughly a 50 percent chance of passage. He added that regulatory clarity would help smart-contract platforms such as Ethereum integrate into everyday payments.
In contrast, Strategy sold about $216 million worth of Bitcoin to raise cash. The differing moves coincided with Ether outperforming Bitcoin by 6 percent last week.
Bitmine has staked more than 4.8 million Ether through its MAVAN platform, generating additional income from its holdings.
