BitMine Snaps Up Another $48.89 Million in Ethereum Amid Fundamentals-Driven Rally

Tom Lee-led BitMine continues to bet big on Ethereum (ETH), purchasing another 20,000 units from Kraken for $48.89 million.

This transaction brings the company's total holdings to around 5.87 million ETH, still short of its goal of owning 5% of all Ether in circulation.

Lee sees the rally in Ethereum's price as overdue, citing strengthening crypto fundamentals such as Wall Street tokenization, agentic AI, easing financial conditions, and supportive crypto policy.

BitMine Immersion Technologies Inc (BMNR) currently owns around 4.8% of Ethereum's circulating supply, with its staking rewards generating $330 million in revenue per year.