Bitmine Snaps Up Another 27,562 ETH Amid Ethereum Rally
Bitmine, Tom Lee's Ethereum treasury firm, has continued its streak of buying Ether (ETH) every week. The company recently acquired 27,562 ETH over the past week, bringing its total holdings to 5,983,940 ETH and representing 4.9% of the total ETH supply.
Bitmine's latest purchase follows a similar move two weeks ago, where it bought 27,180 ETH. The company has been steadily increasing its ETH holdings as part of its treasury strategy launched last year.
The Ethereum price has surged above $2,700 in recent times, and Bitmine's BMNR stock is up over 5% to reach $27. Tom Lee believes a crypto bull run is underway, citing factors such as the rotation from AI back to crypto and strengthening crypto fundamentals.
Despite the rally, Bitmine still holds an unrealized loss of around $3.5 billion on its ETH holdings, with an average purchase price of $3,329.