Tom Lee’s Bitmine Adds 98,852 ETH in a Week, Now Holds 3.37% of Supply

Bitmine Immersion Technologies announced that its combined crypto holdings, total cash, and “moonshots” investments are worth around $13.2 billion. The company’s ETH stash has increased to 4.07 million, along with 193 BTC. Aggressive Weekly ETH Purchases According to the official press release, Bitmine also reported a $32 million stake in Eightco Holdings, which has been categorized as a “moonshot” investment, and total cash holdings of $1 billion. Its ETH holdings represent approximately 3.37% of Ethereum’s total circulating supply of 120.7 million tokens. The company said it has continued to steadily increase its Ethereum position, adding 98,852 ETH over the past week. Thomas Lee of Fundstrat, Chairman of Bitmine, described this as a major milestone and commented, “This is a tremendous milestone achieved after just 5.5 months. We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting-edge development in the defi community.” Data compiled by CoinGecko shows that Bitmine now ranks as the world’s largest Ethereum treasury and the second-largest global crypto treasury overall, behind Michael Saylor-led Strategy, which holds 671,268 BTC, around $59 billion. Bitmine also reported strong stock market activity and revealed that it is now among the most actively traded stocks in the United States. Fundstrat data shows that the company’s shares recorded an average daily dollar trading volume of $1.7 billion over a five-day period as of December 19. This placed the stock at rank 66 among 5,704 US-listed companies, trading just behind Wells Fargo and ahead of Chevron. ETH Momentum Faces Test Bitmine has continued its accumulation strategy despite the recent crypto market downturn. Ethereum’s price has gradually recovered, even reclaiming the $3,000 level on Monday before it dumped once again on Tuesday below that level. Ethereum is nearing a resistance range of $3,150-$3,200, which may act as a hurdle for momentum, according to Kamran Asghar’s 4-hour chart. Past price reactions suggest a rejection here could push ETH down to $2,750-$2,800 support. Meanwhile, crypto analyst Ted Pillows also said that a daily close above the $3,000 threshold could trigger a further upward move toward $3,300. On the other hand, if the leading altcoin fails to hold this level, it may retest the $2,700-$2,800 range, which has been the case so far. The post Tom Lee’s Bitmine Adds 98,852 ETH in a Week, Now Holds 3.37% of Supply appeared first on CryptoPotato .