Bitmine Adds $43 Million in Ether as Tom Lee Cites Quarter-End Selling
Bitmine bought 27,084 ETH last week, bringing its holdings to 5.7 million ETH. Chairman Tom Lee attributed recent crypto weakness to quarter-end portfolio adjustments and investors reducing exposure to underperforming assets.
What happened?
Bitmine bought 27,084 ETH last week, bringing its holdings to 5.7 million ETH. Chairman Tom Lee attributed recent crypto weakness to quarter-end portfolio adjustments and investors reducing exposure to underperforming assets.
Why it matters
Bitmine Immersion Technologies purchased 27,084 ether last week for about $43 million, extending its accumulation campaign despite falling crypto prices. The acquisition increased the company’s holdings to 5.7 million ETH, worth roughly $8.9 billion at the price cited in the source.
Bitmine Immersion Technologies purchased 27,084 ether last week for about $43 million, extending its accumulation campaign despite falling crypto prices. The acquisition increased the company’s holdings to 5.7 million ETH, worth roughly $8.9 billion at the price cited in the source.
The latest purchase puts Bitmine closer to its goal of owning 5% of Ethereum’s circulating supply. Its current position represents about 4.7%, making the company the largest Ethereum treasury holder and one of the few major digital-asset treasury firms still buying consistently during the market downturn.
Bitmine also reported holding 206 bitcoin, $555 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings. Together, its crypto assets, cash and other investments were valued at approximately $9.8 billion.
However, the pace of accumulation has slowed. The latest purchase was Bitmine’s smallest since early May, compared with 52,203 ETH acquired the previous week and 126,971 ETH in a batch earlier in June.
Chairman Thomas “Tom” Lee said quarter-end “window dressing” was contributing to market weakness as investors reduced positions in assets that had declined over the previous three months. Bitcoin and ether were on course for a third consecutive quarterly loss, with BTC down 12% and ETH down 25% in the second quarter, according to CoinGlass data cited by the source.