Tom Lee’s Bitmine Doubles Down on Ethereum With $34.7M Fresh Purchase

Tom Lee’s Ethereum Treasury company, BitMine, is doubling down on ETH despite the current market crash. Further bolstering its Ether holdings, the company bought 17,722 ETH over the past few hours.

Linked Wallets Push Bitmine’s ETH Buying Spree Higher

According to the latest findings from Lookonchain, an on-chain analytics platform, BitMine bought 17,722 ETH, worth about $34.74 million, just eight hours ago. This comes as part of the company’s larger buying spree this week.

Notably, three wallets apparently linked to BitMine accumulated a total of 62,722 Ether tokens, valued at around $123.25 million. This brings its total Ethereum holdings to 4,371,497, worth $8.5 billion at current prices.

On February 17, Lookonchain revealed BitMine’s Ethereum purchase in a week, which accounted for about $90 million. As per the post, the platform bought about 45,759 tokens last week, marking the largest purchase of the year.

On February 19, CoinGape reported that Tom Lee added more tokens to the company’s holdings. The firm bought about 20,000 ETH, worth $39.8 million, from BitGo.

Nearing Major Milestone in ETH Accumulation

With the latest purchase, BitMine is moving closer to its target of acquiring 5% of Ethereum’s total circulating supply. Tom Lees’ company currently holds more than 4 million tokens, which accounts for roughly 3.3% of the current circulating supply, based on Ethereum’s supply of around 120 million coins. This indicates that the company is now 72.3% near the 5% Ethereum accumulation milestone.

As Tom Lee intends to continue his ETH accumulation, the company is expected to soon reach the milestone. It would not only strengthen its strategic ETH position but could also influence the broader crypto market.

BMNR Stock Price Slips Despite Ether Token Buy

Despite the company’s continuous Ether purchase, the BMNR stock price is still struggling. The BitMine shares traded around $20.13 in the latest session, posting a modest gain of 0.85% before slipping slightly in after-hours trading to $20.08. Throughout the day, the stock moved between $19.66 and $20.39.

As CoinGape reported, the BMNR stock price has declined by a massive 80% from its all-time high. This indicates that the prevailing ETH price crash fails to pay off the company’s investment strategy.

This is mainly because of the current market crash, with Ethereum being one of the biggest losers. The token is now trading at $1,962, down by about 60% from its all-time high of $4.8k.