BitMine Stock Rises After Tom Lee’s Firm Buys the Dip, Adding $389 Million in Ethereum

Publicly traded Ethereum treasury institution BitMine Immersion Technologies added 110,301 ETH—$389 cardinal worthy astatine the existent price—to its holdings implicit the past week, the institution announced Monday.

The company's portfolio includes implicit 3.5 cardinal ETH—valued astatine astir $12.4 cardinal arsenic of this writing—along with 192 Bitcoin ($20.2 cardinal worth) and $398 cardinal successful cash.

Ethereum has been sinking successful caller weeks alongside the wider market, with the coin down astir 15% implicit the past 2 weeks per information from CoinGecko. It began to rebound connected Sunday amid connection that the U.S. authorities shutdown whitethorn soon beryllium ending, but ETH has since pared backmost gains, showing lone an 0.6% summation implicit the past 24 hours to a price of $3,528.

BitMine purchased 34% much ETH past week than the week prior, with Chairman Tom Lee attributing the larger bargain to taking vantage of depressed prices.

"The caller dip successful ETH prices presented an charismatic accidental and BitMine accrued its ETH purchases this week," said Lee successful a statement.

BitMine present holds 2.9% of ETH's full supply, progressing toward the firm’s extremity of acquiring 5%. The institution ranks arsenic the world's apical Ethereum treasury—handily outpacing runner-up SharpLink Gaming with conscionable implicit $3 cardinal worth—and second-largest wide crypto treasury down Strategy with its astir $68 cardinal successful Bitcoin.

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Shares of BitMine (BMNR) are up much than 5% connected the time to a caller terms of $42.20. The firm’s banal is down astir 20% implicit the past period amid caller crypto marketplace weakness.

Lee emphasized increasing organization involvement successful blockchain exertion pursuing a caller acme with fiscal institutions astatine the NYSE, co-hosted by BitMine and the Ethereum Foundation.

"To me, it is evident that Wall Street is precise funny successful tokenizing assets onto the blockchain, creating greater transparency and unlocking caller worth for issuers and investors,” helium said successful a statement. “This is the cardinal cardinal story, and supports our presumption that Ethereum is simply a ace rhythm communicative implicit the adjacent decade.”