Tom Lee’s BitMine Buys Nearly 200,000 ETH, Ramps Up Total Holdings To 1.71 Million Tokens

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." 

BMNR’s stock dropped more than 1.5% in morning trade on Monday, tracking the dip in Ethereum’s price, which has slipped 2.3% in the last 24 hours. On Stocktwits, retail sentiment around BitMine continued to trend in the ‘neutral’ territory while retail sentiment around Ethereum improved to ‘bullish’ from the ‘neutral’ zone over the past day.

The company claims to be the second-largest publicly traded company with a crypto treasury, behind Michael Saylor’s Strategy (MSTR). While ahead of Mara Holdings (MARA), which has Bitcoin (BTC) worth $5.6 billion, there is a wide gap between BitMine’s holdings and Strategy’s hoard.

On Monday, after Strategy announced a new purchase of around 3,000 Bitcoin, its total hoard now amounts to 623,457 BTC, valued at around $70 billion. MSTR’s stock was down more than 2% in morning trade as Bitcoin’s price also dipped more than 2% in the last 24 hours.

BitMine’s stock has gained 540% this year, and 480% over the past 12 months.

Read also: Strategy Accelerates Bitcoin Accumulation With $356M Buy After Two Weeks Of Smaller Purchases

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