Bitmine Buys Another 10,399 ETH, Still Holding 4.8% of Total Supply

Bitmine, an Ethereum treasury firm led by Tom Lee, continues to acquire ETH as part of its strategy. Over the past week, it purchased 10,399 ETH, bringing its total holdings to 5,797,813 ETH.

This represents approximately 4.8% of the total Ethereum supply, and comes on the heels of a previous purchase of 9,946 ETH announced last week.

According to DropsTab data, Bitmine's unrealized loss on its ETH holdings currently stands at $8.8 billion, but despite this, Lee remains bullish on Ethereum.

In fact, he notes that Ethereum has outperformed the Nasdaq 100 by 25% in July, and that it has historically outperformed after such strong performances.