Lee Sees Institutions Buying Crypto After Ethereum's Strong Quarter Performance

BitMine Immersion Technologies chairman Tom Lee expects institutions to buy crypto after a strong quarter so far. The firm's combined holdings of Ethereum (ETH), cash, and equity are valued at $15.7 billion on September 7.

Lee pointed out that Ethereum has been the best-performing macro asset during the quarter, with its lead over the S&P 500 at 5,430 basis points through last Friday. He attributed this run to institutional demand.

BitMine acquired 28,086 ETH over the past week, lifting total holdings to 5.9 million tokens. Each purchase pulls the firm closer to 5% of the supply and deeper into a position that is underwater, with cryptoQuant data putting unrealized losses at roughly $5 billion.