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Tom Lee stated that the mini crypto winter is fading, and ETH has reached 77% of its target
Tom Lee, Chairman of Bitmine Immersion Technologies, stated that the mini crypto winter affecting ETH is coming to an end, and the company has maintained a high buying pace over the past three weeks. Lee pointed out that the progress of the CLARITY Act in Congress and the relative stability shown by the crypto market amid the turmoil in Iran are positive signals. ETH has risen 18% since the Iran war, outperforming the stock market by 2450 basis points, while gold has fallen over 15% during the same period.
Last week, Bitmine purchased an additional 65,341 ETH, worth approximately $139 million, bringing its total holdings to over 4.6 million ETH, accounting for about 3.86% of the total circulating supply of ETH. To reach its 5% target, it still needs to purchase about 1.4 million ETH, which would require approximately $2.9 billion at current prices. The company has already staked over 3 million ETH. Bitmine also holds $1.1 billion in cash, 196 BTC, a $200 million investment in Beast Industries, and a $95 million investment in Eightco Holdings. According to StrategicEthReserve, Bitmine ranks first among 67 large ETH holding institutions, with SharpLink Gaming in second place with 863,000 ETH and Ether Machine in third place with 496,000 ETH.
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