Tom Lee's BitMine Acquires 97K ETH, Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts
BitMine, led by Tom Lee, bought nearly 97K ETH despite losses, anticipating positive catalysts from the Fusaka upgrade and Fed policy shifts.Summary
BitMine Immersion Technologies (BMNR), the Ethereum-centric firm headed by Thomas Lee, acquired 96,798 ETH last week, increasing its total holdings to 3.73 million tokens, solidifying its position as the largest Ethereum treasury company. This buying spree occurred even as the firm faces nearly $4 billion in unrealized losses on its ETH stash and as its shares dropped amid falling crypto prices.
Lee cited two primary reasons for increasing the pace of ETH acquisitions by 39% over the previous week: the upcoming Ethereum Fusaka upgrade, scheduled for December 3rd to enhance scalability and security, and anticipated macroeconomic shifts. Lee expects the Federal Reserve to halt quantitative tightening this month and potentially cut interest rates in December, viewing these factors as positive tailwinds for ETH prices.
(Source：CoinDesk)