BitMine’s Lee calls ETH a ‘discount to the future,’ Bit Digital eyes $100M

BitMine chairman Tom Lee believes that Ether (ETH) is currently undervalued, anticipating that future adoption by Wall Street and AI companies will result in a price increase. Meanwhile, Bit Digital is set to raise $100 million through a convertible senior note offering to expand its Ether treasury, which currently exceeds 120,000 Ether. The company is also considering an additional $15 million in notes. If successful in its fundraising efforts, Bit Digital could acquire an additional 23,714 tokens, enhancing its position among Ether-holding companies. On the other hand, BitMine has significantly increased its Ether holdings to 2.65 million, valued over $11 billion, solidifying its status as the leading Ether treasury company. The purchase of 234,000 tokens recently is part of BitMine's plan to hold 5% of Ether's total supply. With institutional investments in Ether reaching over 11.8 million tokens this year and increasing competition among companies for Ether, experts suggest that institutional interest could drive prices higher, drawing parallels to the impact of MicroStrategy on Bitcoin.

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