Tom Lee’s BitMine expands Ethereum holdings after $820 million week of buying

Ethereum treasury firm BitMine Immersion Technologies (BMNR), chaired by Tom Lee, announced it acquired approximately 203,826 ETH, increasing its total holdings to 3.24 million ETH, which represents about 2.7% of Ethereum's circulating supply. This accumulation follows a week of significant buying activity, framed by Lee as opportunistic following a major market deleveraging event that caused temporary price dislocations. BitMine's total crypto and cash holdings amount to $1.34 billion, including 192 bitcoin and cash reserves. The company maintains a long-term goal of holding 5% of ETH's total supply, driven by Lee's belief in Ethereum's future institutional adoption as a "truly neutral" chain. Following the announcement, BMNR shares rose 7%.

(Source：The Block)