Tom Lee’s BitMine Bought $800 Million in Ethereum in Just a Week

Tom Lee’s 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’s second-largest cryptocurrency.

The firm’s crypto stash has grown to over $8 billion, placing it in second position, trailing only Michael Saylor’s Strategy, which holds $71 billion in BTC.

The company’s press release, shared earlier today, reads that its crypto + cash holdings have skyrocketed to $8.82 billion. However, these calculations were made from yesterday’s prices, which were higher than the current market valuations following the Sunday evening crash.

BitMine now holds almost 1,714,000 ETH, 192 BTC, and “unencumbered cash of $562 million.” As such, the firm remains the world’s 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.

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.

Fundstrat’s Tom Lee, who is also BitMine’s Chairman and has made some massive ETH price predictions in the past, said the following:

“We 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’s financial system. And the majority of this is taking place on Ethereum.”

ETH’s 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.