Bitmine buys 12,535 ETH as Tom Lee expects firm to outperform in upcoming bull market

Bitmine Immersion Technologies acquired 12,535 Ethereum (ETH) over the past week, bringing its total holdings to 6,041,481 ETH, as Chairman Tom Lee said the company is positioned to outperform during the next crypto bull market. In a Monday announcement, Bitmine reported that its combined crypto holdings, cash, marketable securities, and strategic investments totaled $15.1 billion as of October 18. The company’s Ethereum treasury, valued at approximately $14.3 billion based on an ETH price of $2,365, represents 4.9% of the cryptocurrency’s circulating supply of 122.1 million tokens, bringing Bitmine close to its target of accumulating 5% of all ETH. “We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming,” Lee said, citing the company’s strengthened competitive position during the prolonged market downturn. Lee attributed recent selling pressure across crypto markets to concerns over AI funding and safety, escalating tensions between the US and Iran, uncertainty surrounding the upcoming US midterm elections, and rising global bond yields. He argued that periods of declining prices alongside resilient fundamentals have historically presente...