Ethereum Price Jumps on Iran Optimism as Tom Lee's BitMine Adds to $10 Billion Stash
BitMine Immersion Technologies has increased its Ethereum (ETH) holdings by purchasing 65,341 ETH last week, bringing its total to over 4.66 million ETH—valued at $10.17 billion. This makes BitMine the largest institutional holder of ETH, now representing about 3.81% of the total Ethereum supply. The company also holds $1.1 billion in cash and around $14 million in Bitcoin. BitMine has staked 3,142,291 ETH from its treasury, aiming to generate roughly $272 million in annual yield once fully staked. Despite these significant holdings, BitMine faces an unrealized loss of about $7 billion due to current market prices. Chairman Tom Lee remains optimistic, predicting a crypto market recovery and describing the current downturn as likely ending soon. Ethereum’s price rose 5% in the last 24 hours to $2,180, boosted by positive geopolitical developments. Market sentiment remains cautious, as indicated by low scores on major Fear and Greed Indexes.
