Tom Lee’s Crypto Power Play – BitMine Now Controls 3% of Ethereum

Key Highlights:

• Last week, they added 69,822 ETH, which is worth about $200 million at current prices.

• There are now 3.63 million ETH tokens in total, which is 3% of the circulating supply of Ethereum.

• The company’s treasury has $11.2 billion in crypto, cash, and investments. It has $800 million in cash and a small amount of Bitcoin.

• ETH’s 40% drop from summer highs has caused them to lose $4 billion in unrealized losses.

• Last week, the stock (BMNR) fell 23%, but it rose 4.3% in early trading as the markets got better.

BitMine Immersion Technologies, a company that started out as a Bitcoin miner, keeps buying Ethereum even when the price goes down. It got almost 70,000 more ETH coins last week. This brought its total to 3.63 million ETH, which is 3% of all the ETH that is out there right now.

Ethereum is a type of digital currency that people use on a large online network. Businesses like BitMine keep it as a treasure because they think it will be worth more later. Tom Lee, the head of BitMine, is a smart market watcher from Fundstrat. He wants to own even more ETH, up to 5% of all ETH.

BitMine did the opposite of what a lot of other companies did during tough times: they kept buying crypto or even sold it. It spent money to add to its pile, which shows that it has a lot of faith in Ethereum’s future.

But it’s not all simple. Since August, ETH’s price has gone down a lot, so BitMine has lost about $4 billion on paper. That means they would lose that much if they sold now. They still hold on, hoping prices will go back up.

The company’s stock, which trades as BMNR, also fell, losing more than 80% of its value since its highest point this year. But after the news, it went up a little before the market opened, possibly because crypto prices started to rise again.

Tom Lee has said good things about crypto. He said in a recent interview that Bitcoin could soon reach high prices, and he sees a lot of potential in Ethereum for things like turning real assets into digital ones.