Tom Lee: ‘BitMine Is Halfway To Owning 5% Of Ethereum’
BitMine Immersion Technologies Inc. (NYSE:BMNR) shares rose 6.4% Monday after the company announced its Ethereum (CRYPTO: ETH) holdings reached 3.5 million tokens, valued at $13.2 billion in total crypto and cash assets.
BitMine Expands Ethereum Treasury to 2.9% of Supply
BitMine disclosed that it now owns 2.9% of the total ETH supply, surpassing the halfway mark toward its long-stated goal of accumulating 5%.
The company’s crypto holdings include 3,505,723 ETH valued at $3,639 per token, alongside 192 Bitcoin and $398 million in cash reserves.
Chairman Thomas “Tom” Lee said the company added over 110,000 ETH in the past week, which is a 34% increase from the prior week — after using recent market weakness to expand positions.
“We are now more than halfway toward the ‘alchemy of 5%’ goal,” Lee said.
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