Bitmine Buys $52M ETH, Tom Lee Says Fundamentals Strong
Bitmine Immersion Technologies has bought another $52 million worth of Ether (ETH), from its chairman Tom Lee, the value of the token does not yet reflect the strengths of the Ethereum blockchain.
“Last week we got 26,497 ETH,” Lee said in a statement on Monday. “In our view, ETH prices do not reflect the strengthening of Ethereum fundamentals, but again, this is not surprising since we are in the early stages of the crypto spring.”
Bitmine is the largest Ether treasury company with 5.4 million ETH worth over $10.5 billion. After collecting more than 100,000 Ether per week for three consecutive weeks, he slowed his buying pace earlier this month.
Source: Bitmine
Ether fell by 4.7% last week and traded between $1,963 and $2,126 according to CoinGecko. It traded mostly flat below $2,000 the previous day.
Lee told CNBC on Monday that there is frustration in crypto right now because it hasn't moved when others, like software, have, but argued that “it's always at the end of crypto winter.”
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Lee would still stand for the thesis that he believes in Bitcoin and Ethereum; It is a short-term price drop in the market and some long-term owners and whales can sell, but they are likely to be financially doomed in the future.
“As AI systems evolve, we're now talking about using business and operating websites, you need decentralized identity and authentication, and that's really what crypto does,” he said.
“We know Wall Street wants to go to tokenization; it's a huge improvement in efficiency in how money actually moves, and it's innovative. That's only going to happen with Bitcoin, Ethereum and other smart contracts. The future hasn't changed.”
Bitcoin announced plans to build an Ether treasury in July 2025, aiming to hold 120.6 million tokens, 5% of the total circulating supply. The current inventory holds more than 5.4 million tokens, which is about 90% of the target. Lee said he expects the company to hit the target by 2026.
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