Tom Lee's Bitmine Doubles Down on Ethereum Amid Hype Over Hyperliquid
Bitmine, backed by Tom Lee, has continued to expand its Ethereum holdings. According to blockchain analytics platform Lookonchain, Bitmine added another 25,000 Ethereum on Friday, worth approximately $50.6 million. This acquisition brings the firm's total Ethereum holdings close to 6 million, valued at over $12 billion.
The purchase comes as critics point out that Hyperliquid (HYPE) has been on a record-breaking run, with three all-time highs in one week. Hamza Qazi, co-founder of Hyperbeat, argued that if Bitmine had invested in HYPE instead of Ethereum, the position would be up around 520% and generate an estimated $44 billion more in gains.
David Hoffman, co-founder of Bankless, also weighed in on the debate. He criticized Tom Lee's decision to buy Ethereum, stating, 'Tom Lee is down eight billion dollars on ETH and Vitalik decides to write a sci-fi novel.' Hoffman's comments sparked backlash from market participants, with some accusing him of spreading 'ragebait.'