Ether (ETH) Treasury News: Tom Lee's BitMine (BMNR) Ramps Up Buying

BitMine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury firm led by Chairman Thomas Lee, accelerated its ETH accumulation, acquiring 138,452 ETH (worth approximately $435 million) last week, marking its largest weekly haul in over a month. This purchase brings its total holdings to 3.86 million ETH, representing over 3.2% of the cryptocurrency's circulating supply. The firm also increased its cash holdings to $1 billion. Lee attributed the ramped-up buying to positive factors like Ethereum's recent Fusaka upgrade, expected Federal Reserve rate cuts, and the end of quantitative tightening, despite the company sitting on nearly $3 billion in unrealized losses on its ETH stash at current prices.

(Source：CoinDesk)