BitMine Buys 53K ETH as Thomas Lee Sees Institutional Crypto Surge
BitMine Immersion Technologies has continued its buying streak in Ethereum (ETH), acquiring 53,501 ETH last week, its largest purchase since June. This brings the company's total stack to 5.901 million ETH, worth around $14.63 billion at current prices.
According to BitMine Chairman Thomas Lee, this surge in purchases sets the stage for increased institutional accumulation of crypto assets in Q3. He cites several catalysts, including the upcoming Senate procedural vote on the CLARITY Act and a potential bottoming of the four-year crypto market cycle.
The company's stake through its Made in America Validator Network (MAVAN) also generates annualized staking revenue of $335 million. BitMine's holdings include 211 Bitcoin, a $180 million stake in Beast Industries, and $81 million worth of Eightco Holdings shares (ORBS).