- Tom Lee-chaired BitMine increased its total Ethereum holdings to 3,967,210 tokens.
- The company has already spent $12.2 billion in building up its ETH portfolio.
- Lee praised Strategy for its dedicated US dollar reserve, which ensures it can pay dividends to investors without selling any of its Bitcoin supply.
BitMine Immersion Technologies (BMNR) disclosed that it bought 102,259 Ethereum (ETH) last week amid the bearish sentiment gripping the market. The company didn’t mention the prevailing price in its last batch of purchases, but it’s worth noting that the token traded between $3,400 and $3,000 over the last seven days.
The move increases the Bitcoin mining and advisory firm’s Ethereum holdings to 3,967,210 tokens. This translates to a $3,074 per ETH purchase price based on its accumulation on Coinbase, putting its total investment in the digital asset at approximately $12.2 billion. Including its 193 Bitcoin (BTC) stash, $38 million stake in Eightco Holdings, and $1 billion cash reserves, the company currently maintains a portfolio of $13.2 billion.
BitMine Chair Tom Lee Reaffirms Conviction in Ethereum
Tom Lee, Chairman of BitMine and Founder of Fundstrat, stated that their company will continue stacking on Ethereum. Additionally, he highlighted that last week was an ideal time to buy ETH because crypto prices have stabilized and displayed significant recovery since the massive $19 billion in liquidations on October 10.
Notwithstanding the underperformance of Ether and the broader crypto market since November, Lee is optimistic that “the best days for crypto are ahead.” He explained that the positive developments in digital assets in 2025, particularly the more favorable regulatory climate in the US and widespread adoption by Wall Street, will continue to drive momentum in crypto prices in the coming year.
The financial strategist noted that the sector’s sustained growth confirms BitMine is right on track with its “alchemy of 5%” target. The term basically refers to the company’s goal of locking 5% of Ethereum’s circulating supply.
To date, Ethereum has 120.69 million circulating tokens. This means BitMine is already more than halfway to capturing its 6.03 million ETH goal.
Lee Praises Saylor and Strategy’s Cash Reserve Play
In a related story, Lee praised Strategy (formerly MicroStrategy) and its executive chairman, Michael Saylor, for their recent masterstroke. He warned that the Bitcoin development company had already experienced trading below net asset value (NAV) during the October crypto market crash and that it could happen again. However, he acknowledged he was impressed by its response.
Lee claimed that Strategy is “doing the smart thing” by building a $1.4 billion cash reserve to fund dividend payments to investors without selling its BTC stash. He emphasized that, although it has not officially established a dedicated US dollar reserve, BitMine is maintaining a significant portion of its reserves in cash for the same reason. The financial strategist revealed that the business currently possesses $400 million in staking revenue, in addition to its $1 billion cash reserve.
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