Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'
Summary
Bitmine bought 12,532 ETH, worth about $31.9 million, bringing its holdings to 6,028,946 ETH, or 4.9% of Ethereum’s supply. The company is about 99% of the way to its 5% ownership target and has said it will stop buying once it reaches that level. It reported $16.2 billion in crypto, cash and other investments, including 214 BTC and stakes in Beast Industries and Eightco Holdings. Bitmine has staked 5,067,309 ETH and estimates annualized staking revenue of roughly $336 million. Chairman Tom Lee forecast a strong crypto bull market and said the company’s shares could rise substantially if ETH reaches $22,000.
