Tom Lee’s BitMine boosts Ethereum treasury near 4.6 million ETH as cryptos post ‘meaningful outperformance’ during Iran war

Tom Lee’s crypto treasury firm, BitMine Immersion, aggressively accumulated Ethereum, adding nearly 61,000 ETH in the past week, bringing its total holdings to approximately 4.596 million ETH, valued over $10.4 billion. This brings the firm's share of circulating Ethereum supply to about 3.8%, as it aims for 5%. The company's total crypto assets, cash, and venture investments stand at $11.5 billion. Lee stated that the increased pace of ETH purchases reflects his belief that the market is nearing the end of a "mini-crypto winter." He highlighted that since the start of the conflict involving Iran, crypto prices, particularly Ethereum, have shown "meaningful outperformance" against the S&P 500. Furthermore, BitMine has deployed a significant portion of its ETH into staking, generating about $180 million in annualized revenue, and recently purchased 5,000 ETH directly from the Ethereum Foundation in an OTC deal.

(Source：The Block)