Bitmine Doubles Down on Ethereum, Sees Crypto Bull Market in Full Swing

Tom Lee's Bitmine continues its unbroken buying streak, adding another 27,562 Ethereum to its holdings. This brings the total number of ETH held by Bitmine to 5,983,940, valued at approximately $16.1 billion at a reference price of $2,688 per coin.

This acquisition represents about 4.9% of Ethereum's total supply and puts Bitmine 98% of the way towards its goal of controlling 5% of the network, dubbed the 'Alchemy of 5%'.

Chairman Tom Lee believes that a crypto bull market has been underway since late June, driven by a rotation out of AI stocks and back into crypto. He also points to strengthening fundamentals around tokenization and the end of the four-year cycle.

Lee further notes that Ethereum has been the best-performing macro asset this quarter, surpassing the S&P 500 by 6,519 basis points.