BitMine Doubles Down on Ethereum with $48.89 Million Purchase

Tom Lee's BitMine has made another significant Ethereum purchase, scooping up 20,000 ETH worth $48.89 million from Kraken.

This latest acquisition brings BitMine's total holdings to around 5.87 million ETH, which is still shy of its target of owning 5% of the circulating supply of Ethereum.

Lee believes that the rally in Ethereum's price was overdue due to strengthening crypto fundamentals such as Wall Street tokenization and easing financial conditions.

BitMine has not yet verified the transaction, but it continues to bet big on Ethereum despite some market weakness and stagnation in ETH prices.