Bitmine's Ethereum Holdings Surge Past $10 Billion, Lee Sees Rally Ahead

Tom Lee's Bitmine has made another significant Ethereum purchase, acquiring 10,399 ETH for $19.1 million. This move follows strong relative performance by ETH in July, where it outperformed the Nasdaq 100 by 2,500 basis points.

In a company update on Monday, Lee noted that when ETH rallies significantly, it has historically preceded gains in BMNR shares since the company adopted its Ethereum treasury strategy. He pointed to last July's rally from $2,375 to above $4,000 as an example of this phenomenon.

Bitmine now holds 5,797,813 ETH worth around $10.9 billion, representing 4.8% of Ethereum's total circulating supply and sitting 96% of the way to its stated goal of owning 5%. The company has also repurchased 16.1 million shares under its $4 billion buyback program since July 1.