Tom Lee’s Bitmine Adds $30 Million in Ethereum as Buying Nears Its Finish Line
Summary
Bitmine Immersion Technologies bought 12,535 ETH, worth about $30 million, bringing its reported holdings to 6,041,481 ETH, or 4.9% of supply. The company says it is 99% of the way toward its 5% accumulation target and plans to stop buying once it reaches that level. Its ETH holdings are reportedly underwater amid a broader crypto selloff. Bitmine also reported $15.1 billion in total holdings and said 5.07 million ETH are staked, generating projected annualized revenue of about $309 million.
