Tom Lee Says BitMine May Slow Ethereum Buys After Amassing Nearly $12 Billion of ETH
BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, has acquired over 4% of the circulating ETH supply in less than a year. The firm initially aimed to amass 5% of the total ETH supply over five years but has rapidly approached this target, accumulating more than 100,000 ETH weekly (approximately $230 million worth). Chairman Tom Lee indicated that BitMine may slow its purchases as it nears 5%, preferring not to reach this threshold too quickly and considering other crypto initiatives. BitMine’s activities include launching the Made in America Validator Network for Ethereum staking, and investments in MrBeast’s Beast Industries and the AI firm Eightco. Lee highlighted BitMine’s diversified crypto strategy and expressed optimism about the firm’s risk-reward profile. BitMine’s stock (BMNR) fell 4% Thursday to $22.01, remaining 86% below its 52-week high despite a recent 9% monthly gain. Ethereum’s price stood at $2,297, down 2.4% for the day and 53.5% below its all-time high.
