Tom Lee’s BitMine Down $6B On Ethereum, But Here’s Why He Keeps Buying
BitMine Immersion Technologies (NYSE:BMNR) is sitting on over $6 billion in paper losses after Ethereum (CRYPTO: ETH) crashed from $3,000 to $2,300, yet chairman Tom Lee added 41,788 ETH last week at an average price of $2,317.
The Underwater Position
BitMine now holds 4.285 million ETH—representing 3.55% of total Ethereum supply—worth approximately $9.6 billion at current prices.
The position peaked at nearly $14 billion in October before the recent selloff.
Total holdings include $10.7 billion in crypto and cash: 4.285 million ETH, 193 Bitcoin (CRYPTO: BTC), $586 million in cash, a $200 million stake in Beast Industries, and a $20 million stake in Eightco Holdings (NASDAQ:ORBS).
Lee’s Conviction Despite Losses
Tom Lee defended the accumulation strategy on CNBC, pointing to strengthening Ethereum fundamentals despite price weakness.
Network activity hit …
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