Tom Lee says crypto is a ‘good wartime store of value’ as Bitmine buys another 71,179 ETH
Bitmine's ETH holdings reached nearly $9.8 billion after acquiring 71,179 ETH, while Tom Lee asserts crypto is performing well as a 'wartime store of value'.Summary
Ethereum treasury company Bitmine Immersion has significantly increased its ETH holdings, now totaling 4,732,082 ETH, valued at approximately $9.8 billion. This follows a recent purchase of 71,179 ETH. Bitmine also holds BTC, a stake in Eightco Holdings, and substantial cash reserves, totaling $10.7 billion. According to Tom Lee, Bitmine’s Chair, crypto is outperforming traditional assets like gold during the current geopolitical tensions, demonstrating its potential as a 'wartime store of value'. He also noted an increasing inverse correlation between crypto and oil prices. Bitmine’s total staked Ethereum is 3,142,643 ETH, generating $177 million in annualized staking revenues. The company aims to acquire 5% of the total ETH supply and currently holds 3.92%. Bitmine is the largest Ethereum treasury holder, surpassing SharpLink and The Ether Machine.
(Source：The Block)