Tom Lee’s BitMine Adds Another 208K ETH, Treasury Tops $3B as Ethereum Surges

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.