Bitmine Immersion Technologies (NYSE:BMNR) purchased 71,179 ETH last week, bringing total holdings to 4.73 million ETH worth $9.8 billion as Chairman Tom Lee called crypto a “good wartime store of value” amid the Iran conflict.
The Wartime Outperformance
Bitmine accelerated its weekly purchase pace from an average of 45,000-50,000 ETH to 71,179 ETH, betting that Ethereum (CRYPTO: ETH) is in the final stages of a “mini-crypto winter.”
“As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160 basis points,” Lee said.
“This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points,” he added.
He noted that the inverse correlation …