Bitmine buys 12,535 ETH as Tom Lee expects firm to outperform in upcoming bull market

The company's Ethereum holdings reached 6.04 million ETH, representing 4.9% of the total supply, as Lee pointed to opportunities following the recent crypto selloff. Bitmine Immersion Technologies acquired 12,535 Ethereum (ETH) over the past week, bringing its total holdings to 6,041,481 ETH, as Chairman Tom Lee said the company is positioned to outperform during the next crypto bull market. In a Monday announcement , Bitmine reported that its combined crypto holdings, cash, marketable securities, and strategic investments totaled $15.1 billion as of October 18. The company’s Ethereum treasury, valued at approximately $14.3 billion based on an ETH price of $2,365, represents 4.9% of the cryptocurrency’s circulating supply of 122.1 million tokens, bringing Bitmine close to its target of accumulating 5% of all ETH.

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