Tom Lee’s BitMine Adds Another 208K ETH, Treasury Tops $3B as Ethereum Surges
Main Idea
BitMine Immersion Technologies, chaired by Tom Lee, has significantly increased its Ethereum holdings to 833,137 ETH worth over $3 billion, becoming the largest corporate Ethereum holder and fourth among global crypto treasuries.
Key Points
1. BitMine holds 833,137 ETH worth over $3 billion, making it the largest corporate Ethereum holder.
2. The firm's recent purchase of 208,137 ETH coincides with a sharp price swing in Ether, which climbed 5.8% to $3,730 before easing back to $3,654.
3. BitMine's strategy includes aiming to acquire 5% of Ethereum’s total supply, backed by investors like Bill Miller III, Stanley Druckenmiller, and Cathie Wood.
4. The company announced a $1 billion stock buyback program as its Ethereum holdings surged past 625,000 ETH, worth $2.3 billion.
5. Tom Lee predicts further upside in August, citing soft labor data and a possible pivot in U.S. monetary policy, which could lift both equities and crypto markets.
Description
BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, has added 208,137 ETH to its growing crypto reserves, boosting its total holdings to 833,137 ETH, now worth over $3 billion. Key Takeaways: BitMine holds 833,137 ETH worth over $3 billion, making it the largest corporate Ethereum holder. The firm’s aggressive strategy puts it far ahead of rivals just one month after announcing its ETH push. BitMine is betting on Ethereum’s upside amid shifting macro conditions. The move cements BitM...
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