Bitmine buys $84 million in ETH as Tom Lee calls market pullback ‘attractive’ entry point: onchain data
Bitmine acquired $83.6 million in ETH, aligning with Tom Lee's view that the market pullback is an attractive entry point.Summary
BitMine Immersion Technologies purchased $83.6 million worth of Ethereum (ETH) on Monday, acquiring 40,000 ETH from FalconX and BitGo, according to onchain data. This purchase adds to its existing holdings, bringing its total ETH treasury to over 4.3 million ETH. Executive Chairman Tom Lee stated that the company views the current market pullback as an "attractive" entry point, citing strengthening fundamentals and high network utility for ETH, despite its price being significantly below its all-time high. Bitmine is also staking about 67% of its ETH holdings, generating substantial annualized revenue. Lee remains convinced that Ethereum represents the future of finance, even while acknowledging the unrealized losses from buying during market downturns.
(Source：The Block)