Ether (ETH) News: Tom Lee’s Bitmine (BMNR) adds to ETH stack after price crash, now holds 3.6% of Ethereum’s (ETH) total supply
CoinDesk
Tom Lee's Bitmine Immersion bought 40,613 ETH during the recent price crash, increasing its total holdings to over 4.3 million tokens.Summary
Bitmine Immersion Technologies (BMNR), led by Chairman Tom Lee, acquired an additional 40,613 Ether (ETH) last week while prices were falling, bringing its total holdings to over 4.3 million tokens, valued around $8.7 billion at the time.
Lee stated that the firm views the pullback as attractive due to strengthening fundamentals and believes the current ETH price does not reflect its high utility. Despite the recent purchases, Bitmine remains significantly underwater on its investment, holding a reported $7.8 billion loss based on an average purchase price of $3,826.
Two-thirds of the company's ETH holdings, approximately 2.9 million tokens, are currently staked, generating an estimated annualized yield of $202 million.
(Source：CoinDesk)