Tom Lee blames crypto weakness on quarter-end 'window dressing' as Bitmine adds another $43 million of ETH
Key takeaways
- The purchase, worth roughly $43 million based on ETH's current price of around $1,580, lifted Bitmine's holdings to 5.7 million ETH, according to a Monday company update.
- The company also held 206 bitcoin, $555 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment holdings to $9.8 billion.
- Bitmine nevertheless remains one of the few large digital asset treasury firms still consistently adding to its crypto holdings while many peers have paused purchases amid the market downturn.
The purchase, worth roughly $43 million based on ETH's current price of around $1,580, lifted Bitmine's holdings to 5.7 million ETH, according to a Monday company update. The stash is worth about $8.9 billion and represents roughly 4.7% of Ethereum's circulating supply, nearing the firm's 5% goal.
The company also held 206 bitcoin, $555 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment holdings to $9.8 billion.
The latest acquisition was the smallest purchase since early May, down from 52,203 ETH the previous week and well below the 126,971 ETH batch earlier this month, suggesting the company is dialing back its buying pace after months of aggressive accumulation. Bitmine nevertheless remains one of the few large digital asset treasury firms still consistently adding to its crypto holdings while many peers have paused purchases amid the market downturn.