BitMine aims to hold 5% of the Ethereum supply

According to CryptoISO, BitMine currently reports owning over 1.7 million ETH. To achieve the goal of holding 5% of the total Ethereum supply, the company needs to purchase an additional approximately 4.3 million ETH.

• At the current price of 4,534 USD, the estimated purchase cost is around 19.5 billion USD.

• If the price of ETH drops to 4,200 USD, the cost will decrease to around 18.2 billion USD.

• The daily trading volume of ETH fluctuates between 30 – 50 billion USD.

Analysis shows that unlike Michael Saylor's usual strategy of 'sweeping the floor' with buy orders of 5–10 billion USD that cause Bitcoin to spike over 2% immediately, Tom Lee (BitMine) has a more cautious and seasoned strategy. This also means that after ETH hits a low of 4,060 USD, the market may form an 'invisible floor' around the 4,200 – 4,400 USD range.