Tom Lee's BitMine Adds $838 Million More in Ethereum Amid Market Chaos

BitMine Immersion Technologies has significantly expanded its Ethereum holdings by adding over 200,000 ETH, valued at approximately $838 million, during a recent market downturn. This brings the firm’s total Ethereum treasury to over 3 million ETH, worth more than $12.5 billion. BitMine's Chairman, Tom Lee, emphasized the company's strategy to capitalize on market volatility, stating that the recent price decline created advantageous buying opportunities. The company aims to acquire 5% of the total Ethereum supply, nearing this goal with current holdings amounting to about 2.5%. Following the substantial purchase, shares of BitMine (BMNR) saw a 4.5% rise, reflecting a rebound from market dips caused by external factors, including geopolitical tensions. The broader cryptocurrency market has also started to recover from significant sell-offs, suggesting potential future growth for assets like Ethereum.

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