Tom Lee's BitMine Now Holds 4.8% of Ethereum Supply After $19 Million Purchase
BitMine Immersion, the Ethereum treasury company chaired by Tom Lee, bought another $19 million worth of ETH, according to Decrypt. The purchase brings the firm’s holdings to 4.8% of Ethereum’s total supply, according to CoinDesk.
- Lee said BitMine is now 96% of the way toward its goal of owning 5% of Ethereum’s total supply, according to Decrypt.
- The firm has continued accumulating ETH through a market downturn despite sitting on $8.4 billion in unrealized losses, according to Cointelegraph.
- Cointelegraph reported that more than 5 million of BitMine’s staked ETH is projected to generate $287 million in annual rewards.
BitMine’s buying spree has made it one of the largest corporate holders of Ethereum, with Lee framing the accumulation strategy as a long-term bet on the network despite the paper losses on the position, according to Cointelegraph.
Sources: CoinDesk, Decrypt, Cointelegraph
This article is for information only and is not financial advice.
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