Bitmine Adds $14M in Ethereum Holdings Amid Slowing Cash Flow
Tom Lee's Bitmine continues to add to its Ethereum holdings, purchasing $14 million worth of ETH over the past week. The company bought 7,391 ETH, taking its total holdings to 5,805,238 ETH as of Friday evening. This comes on top of a previous purchase of 10,399 ETH the week before.
The total value of Bitmine's crypto, cash, and 'moonshot' investments reached $11.6 billion, up from $11.3 billion last week. Most of this gain came from price, with ETH rising by 2.6% over the week to a value of $1,928 per coin.
Bitmine's cash position continues to decline, with cash and marketable securities standing at $104 million, down 78% from $482 million last month. The company holds 209 Bitcoin, a $180 million stake in Beast Industries, and $69 million in Eightco Holdings, among other investments.