Crypto
BitMine Nears 5% ETH Holdings Target Amid Bullish Market Outlook
BitMine Immersion Technologies has acquired 28,086 ETH for around $70.1 million in its latest purchase, bringing its total holdings to 5.93 million ETH and moving closer to its target of owning 5% of Ethereum's circulating supply.
The company held 5,929,198 ETH as of September 7, following the purchase at a price of $2,495 per token. BitMine has been purchasing ETH since June 30, with Chairman Tom Lee stating the company adds to its holdings every week.
Lee remains bullish on ETH, citing positive market developments such as crypto legislation, tokenization, and blockchain-based AI. He notes that ETH outperformed the S&P 500 in the third quarter, making it the best-performing macro asset among BTC, SOL, and others.