BitMine accumulates $1.5B in Ether since crash despite Lee’s treasury bubble fears

BitMine has amassed $1.5 billion worth of Ether following a recent market crash, continuing its bullish stance despite warnings from Fundstrat’s Tom Lee, who suggested that the digital asset treasury (DAT) bubble may be deflating. The purchases were made in three transactions totaling 379,271 ETH, occurring after the crash last weekend. This investment positions BitMine as the largest Ether treasury company, currently holding over 3 million ETH, representing about 2.5% of the total supply. Lee, still optimistic about Ethereum’s potential to outpace Bitcoin, noted the decline in DATs trading below their net asset value, raising concerns about a possible bubble burst. Additionally, he commented on the market sentiment, indicating that investors are feeling the impact of recent leveraged trading losses. Despite the concerns, some DATs with solid capital management might still yield returns. The commentary concludes that even as the crypto-market reacts to fluctuations, BitMine's aggressive accumulation strategy signals confidence in the future of Ether.

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