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

BitMine Immersion Technologies has increased its holdings of Ethereum (ETH) by buying an additional 110,301 ETH, worth approximately $389 million, during a recent price dip. This brings the company's total ETH portfolio to over 3.5 million ETH, valued at around $12.4 billion. Despite the recent volatility in the cryptocurrency market, where ETH has seen a decline of nearly 15% over two weeks, BitMine's shares rose about 5% to a price of $42.20. Tom Lee, the firm's chairman, noted that the purchase was a strategic move to take advantage of lower pricing, positioning BitMine to reach its goal of acquiring 5% of Ethereum's total supply. The firm also holds significant cash reserves and other assets. Lee emphasized the increasing institutional interest in blockchain technology, a trend he believes supports the long-term growth potential of Ethereum.

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