Tom Lee's BitMine buys more than R$ 1.7 billion in Ethereum

Source: PortaldoBitcoin Original Title: BitMine, by Tom Lee, purchases an additional R$ 1.7 billion in Ethereum Original Link: Bitmine Immersion Technologies, the leading treasury company of Ethereum in terms of holdings and led by Fundstrat founder Tom Lee, has surpassed 4 million ETH in reserves after a new round of purchases conducted last week, according to a Monday statement (22).

The company Bitmine acquired 98,852 units of Ethereum in a deal valued at around $300 million — approximately R$1.7 billion, considering the current exchange rate. As a result, its total reserves reached 4,066,062 ETH, more than 3% of the total circulating supply of the second largest cryptocurrency in the market.

“Bitmine now holds 3.37% of the ETH token supply, two-thirds of the way to the 5% target,” the company highlighted.

Even with the significant purchase, Bitmine maintained $1 billion in cash, a value that remained unchanged during the week. Only the company's treasury in Ethereum is valued at just over $12 billion, making it the largest holder of ETH among publicly traded companies — Bitmine is listed on the largest stock exchange in the US, NYSE, under the ticker BMNR.

“All Bitmine's participations total US$ 13.2 billion,” said the company.

The acquisitions took place during a period of strong price fluctuations, meaning that Bitmine continued to accumulate ETH consistently, even in a volatile scenario.

ETH dropped from a peak of $3,170 at the beginning of last week to below $2,800 last Thursday, before recovering and surpassing $3,000 again. The rebound boosted BMNR shares, which rose 10% on Friday and advanced another 4.5% in pre-market.

Despite the progress towards the goal of holding 5% of the total Ethereum supply, Bitmine has accumulated unrealized losses estimated at over $3 billion, reflecting the sharp decline in prices in recent months.