Bitmine Just Bought $69M in Ethereum — Tom Lee Is Closing In on 5% of All ETH

Bitmine Immersion Technologies has stepped up its Ethereum accumulation again, adding tens of thousands of tokens as it closes in on its long-standing 5% target. The latest purchase is another step in the ramp-up of Bitmine ETH▲$1,761.17 treasury as the company continues to make the cryptocurrency its main balance-sheet asset.

Bitmine Just Bought Another $69M in Ethereum

At the time, Bitmine’s crypto, cash, marketable securities, and “moonshots” were worth $15.7 billion in total as of the September 8 update. Bitmine’s reporting included $593 million in cash and marketable securities. Bitmine was more liquid than Ethereum despite the latter having a much larger position.

How Much ETH Did Bitmine Buy?

Bitmine purchased 28,086 ETH the prior week. Therefore, assuming ETH price was $2,472 on September 8, CoinDesk estimated the purchase price to be about $69.4 million. In other words, the latest Bitmine buys ETH headline is simply covering yet another large acquisition by the company rather than a shift in strategy.

This came after 53,501 ETH were added during the previous reporting week, and when Bitmine reported holdings of 5,901,112 ETH as of 30 August.

Bitmine’s Ethereum Holdings Reach 5.93 Million ETH