BitMine Stock Rises After Tom Lee’s Firm Buys the Dip, Adding $389M in Ethereum

BitMine Immersion Technologies, a treasury firm, announced it has added 110,301 ETH, worth $389 million, to its holdings amid declining ETH prices. This move increased its total Ethereum reserves to over 3.5 million ETH, valued at approximately $12.4 billion. The company's stock rose by roughly 5% on the same day of the announcement. Tom Lee, the chairman of BitMine, attributed the larger purchase to the attractive price opportunity presented by the recent dip in the cryptocurrency market. Ethereum's price has seen a drop of nearly 15% in recent weeks, but BitMine's acquisition aims to boost its holdings towards a goal of 5% of ETH's total supply. The firm is currently the largest Ethereum treasury, significantly surpassing its nearest competitor. Lee emphasized the growing interest in blockchain technology among institutional investors following a recent summit at the NYSE, suggesting that this aligns with his view of Ethereum's potential growth in the coming decade.

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