Tom Lee\u2019s pivot to Ethereum continues in full force as his BitMine Immersion Technologies has made another big splash by spending $800 million in a week to accumulate more of the world\u2019s second-largest cryptocurrency.<\/p>\n
The firm\u2019s crypto stash has grown to over $8 billion, placing it in second position, trailing only Michael Saylor\u2019s Strategy, which holds $71 billion in BTC.<\/p>\n
The company\u2019s press release<\/a>, shared earlier today, reads that its crypto + cash holdings have skyrocketed to $8.82 billion. However, these calculations were made from yesterday\u2019s prices, which were higher than the current market valuations following the Sunday evening crash<\/a>.<\/p>\n BitMine now holds almost 1,714,000 ETH, 192 BTC, and \u201cunencumbered cash of $562 million.\u201d As such, the firm remains the world\u2019s largest Ethereum treasury entity. It launched its strategy in late June this year and has a substantial lead over SharpLink, which is the second in the Ethereum chain with over 740,750 ETH in its bags.<\/p>\n BitMine had a big last week, as the PR reads about a massive purchase of $2.2 billion worth of ETH and other cash holdings. This meant that it had added 190,500 ETH to bring its total to the current 1,713,899, while the remaining is still cash.<\/p>\n Fundstrat\u2019s Tom Lee, who is also BitMine\u2019s Chairman and has made some massive ETH price predictions<\/a> in the past, said the following:<\/p>\n \u201cWe continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today\u2019s financial system. And the majority of this is taking place on Ethereum.\u201d<\/p>\n ETH\u2019s price jumped to a new all-time high of roughly $4,950 yesterday, but the market-wide crash drove it south by $400. Still, the asset is up by over 25% since the start of August.<\/p>\n The post Tom Lee\u2019s BitMine Bought $800 Million in Ethereum in Just a Week<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Tom Lee\u2019s pivot to Ethereum continues in full force as his BitMine Immersion Technologies has made another big splash by spending $800 million in a week to accumulate more of the world\u2019s second-largest cryptocurrency. The firm\u2019s crypto stash has grown to over $8 billion, placing it in second position, trailing only Michael Saylor\u2019s Strategy, which […]<\/p>\n","protected":false},"author":0,"featured_media":91030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-91029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/91029"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91029"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/91029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/91030"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}