BitMine's Lee says Ether's 'price dislocation' is a signal to buy
BitMine Chairman Tom Lee views current Ether prices as an attractive buy due to perceived price dislocation before an expected supercycle.Summary
BitMine Chairman Tom Lee announced that the company engaged in an Ether buying spree following a major deleveraging event in the crypto market. Lee stated that the current price level of ETH, which mirrors levels seen when ETH was $2,500, represents an attractive risk/reward opportunity given the anticipated "Supercycle" for Ethereum. Following this, BitMine purchased an additional $250 million in Ether from Bitgo and Kraken, bringing its total holdings to over 3.3 million tokens, or 2.74% of the total supply. Lee remains bullish, reiterating his prediction that Ether will reach $10,000 this year. Concurrently, BitMine's stock (BMNR) rose 7.92% on Monday, continuing a six-month gain of over 691%, as the company attracts institutional capital due to its high liquidity.
(Source：Cointelegraph)