As Tom Lee continues to declare his unwavering stance on Ethereum’s future potential, his led Ethereum treasury firm, BitMine has also remained relentless in its regular Ethereum purchases.
According to the latest reports shared today, BitMine has once again expanded its Ethereum holdings after purchasing another 10,452 ETH over the past week.
BitMine’s Ethereum holdings hit $14 billion
Despite the ongoing volatility facing the broad cryptocurrency market, BitMine has purchased an additional 10,452 ETH worth over $24 million according to data from Whale Insider.
While the move has come at a time when Ethereum is trading significantly lower than its local highs amid the persisting market downturn, the latest BitMine purchase further demonstrates its commitment to the leading crypto asset.
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Although the move has drawn attention across the crypto ecosystem, it does not come as a surprise, as the firm’s chairman, Tom Lee, has maintained his position that the crypto bull market is still underway.
Tom Lee has recently shared some bullish crypto market predictions, urging crypto holders to stay resilient and declaring that people have become overly bearish.
BitMine nears 5% of Ethereum’s supply
Although the recent Ethereum purchase from BitMine may seem modest, it brings the company’s total Ethereum holdings to more than 6.05 million ETH worth over $14 billion.
While this represents about 4.95% of Ethereum’s total supply, the company is rapidly getting closer to its goal of accumulating up to 5% of Ethereum’s supply.
Apart from BitMine’s large Ethereum purchase, the company has also repurchased 2.04 million of its own BMNR shares as it continues to expand its crypto exposure while managing its publicly traded equity.
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