Bitmine (BMNR) news: buys 60,999 ether (ETH) as Tom Lee touts crypto strength amid Iran war
Bitmine bought 60,999 ETH, increasing its total holdings to nearly 4.6 million, while Tom Lee noted crypto's outperformance amid geopolitical tensions.Summary
Bitmine Immersion Technologies (BMNR), a major ether treasury firm, acquired 60,999 ETH last week, marking its largest purchase this year, bringing its total holdings to 4,595,562 ETH, valued over $10 billion. The firm maintained a $1.2 billion cash position despite this acquisition and an increased stake in Eightco (ORBS). Although Bitmine faces an estimated $6.5 billion in unrealized losses, its stock rose pre-market as crypto prices rebounded. Chairman Thomas "Tom" Lee highlighted that crypto, particularly Ethereum, has outperformed the S&P 500 by 2,450 basis points since the Iran war began, suggesting investors view crypto as a growth asset amid concerns over slowing global growth due to higher oil prices. Bitmine continues to generate significant revenue from staking its ETH, earning about $180 million annualized from 3.04 million staked tokens.
(Source：CoinDesk)