Tom Lee’s BitMine Adds Another $42 Million in Ethereum Despite Crypto Winter
BitMine, the largest corporate holder of Ethereum, has capitalized on the digital asset’s recent price volatility to expand its treasury holdings.
On February 7, blockchain analysis platform Lookonchain reported the transaction, citing data from Arkham Intelligence. The firm acquired approximately 20,000 ETH for a total capital outlay of $41.98 million.
Notably, this latest tranche moves the firm significantly closer to its long-term objective of controlling 5% of Ethereum’s total circulating supply. Data from Strategic ETH Reserve shows it has achieved over 70% of that goal with its 4.29 million ETH holdings.
Meanwhile, BitMine’s latest ETH purchase comes at a moment of extreme market fragility.
Ethereum prices have…
