Bitmine made its largest ETH purchase this year despite Tom Lee's slowdown suggestion
The company bought 111,942 ether last week worth $237 million, ramping up purchases to take advantage of ETH's drop below $2,200.
AI Summary
Bitmine, led by chairman Tom Lee, purchased 111,942 ether worth $237 million last week, its largest ETH acquisition since December, bringing its total holdings to nearly 5.4 million tokens (approximately 4.47% of Ethereum's circulating supply). The company accelerated its buying after ETH dropped below $2,200, viewing the price pullback as an attractive opportunity to work toward its goal of controlling 5% of ether's supply by late 2026. Bitmine's total assets include $12.3 billion in crypto and cash, over 4.7 million staked ETH generating roughly $276 million in annualized staking revenue, and 203 bitcoin.