Bitmine (NYSE:BMNR) purchased 65,341 Ethereum (CRYPTO: ETH) for roughly $138 million last week, accelerating buying for the third consecutive week as Chairman Tom Lee bets ETH is in the final stages of a “mini-crypto winter.”
The Accelerating Pace
Bitmine now holds 4.66 million ETH worth approximately $9.7 billion at $2,072 per token, representing 3.86% of ETH’s circulating supply.
The company increased its weekly purchase pace from an average of 45,000-50,000 tokens to 65,341 last week.
“Our base case is ETH is in the final stages of the ‘mini-crypto winter,’” Lee said, noting that ETH has outperformed equities by 2,450 basis points since the Iran war began, rising 18% while gold fell more than 15%.
Cash reserves stand at $1.1 billion, with total crypto and cash holdings reaching $11 billion including 196 Bitcoin (CRYPTO: BTC), a $200 million stake in Beast Industries, and $95 million in Eightco …