Tom Lee’s Bitmine Nears 5% of Ether Supply, Trims Weekly Buy to 12,532 ETH
By Unchained
AI summary of the source article
Bitmine Immersion Technologies held 6,028,946 ETH as of Oct. 11, representing about 4.9% of ether's supply, after trimming weekly purchases to 12,532 ETH. The company valued its combined crypto, cash, and other holdings at $16.2 billion.
Why it matters
Chairman Tom Lee argued the positioning prepares the firm for an expected rally, stating, "we believe the company is attractively positioned ahead of the coming crypto bull."
Key facts
- Bitmine held 6,028,946 ETH as of Oct. 11, roughly 76,000 ETH below its 5% supply target.
- Weekly purchases dropped for a third consecutive week to 12,532 ETH, down from 15,112 ETH the prior week.
- Combined holdings of crypto, cash, marketable securities, and moonshot stakes were valued at $16.2 billion.
Source excerpt · Unchained
The Ethereum treasury company's weekly purchase shrank for a third straight week, while a lower ether price pulled its total holdings down to $16.2 billion. The post Tom Lee’s Bitmine Nears 5% of Ether Supply, Trims Weekly Buy to 12,532 ETH appeared first on Unchained .