Tom Lee’s BitMine Buys Nearly 200,000 ETH, Ramps Up Total Holdings To 1.71 Million Tokens
Synopsis
In the past week, BitMine increased its crypto and cash holdings by $2.2 billion to $8.8 billion.
Tom Lee-backed BitMine Immersion Technologies (BMNR) announced on Monday that it had bought nearly 200,000 Ethereum (ETH) to add to its treasury.
BMNR, which announced its pivot to an Ethereum-backed treasury in June earlier this year, now has 1.71 million tokens in its coffers, with an aim to acquire 5% of Ethereum’s total global supply.
“In the past week, BitMine increased its crypto and cash holdings by $2.2 billion to $8.8 billion,” said Tom Lee of Fundstrat, Chairman of BitMine. “This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the 'alchemy of 5%' of ETH."
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Read also: Bitcoin Slides To July Levels, Ethereum Retreats From Weekend Highs – $840M Liquidated In Crypto Selloff
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