Tom Lee's Bitmine Buys $14M in Ethereum as Cash Falls to $104M
Bitmine Immersion Technologies said it bought 7,391 ETH last week, bringing holdings to 5,805,238 ETH, worth about $11.6 billion in crypto, cash and “moonshots.” Most of the weekly increase came from ETH’s price rise to about $1,928, not new purchases. Cash and marketable securities fell sharply to $104 million from $173 million a week earlier and $482 million on July 12. The company also holds 209 Bitcoin, a $180 million stake in Beast Industries and a $69 million stake in Eightco Holdings. It repurchased 3 million shares during the week, taking total repurchases to 19.1 million since July 1 under a $4 billion authorization. About 87% of ETH holdings are staked, generating projected annualized staking revenue of $257 million. Bitmine said its ETH stack equals 4.8% of Ethereum supply and remains 96% of the way to its 5% target.
