Upside move in $ETH was overdue,' Tom Lee says as Bitmine buys another 32,447 ether
Tom Lee-chaired Ethereum treasury company Bitmine Immersion's
BBMNR+5.74% holdings have reached 5,847,611 ETH — worth around $14.7 billion at current prices — following its latest weekly acquisitions.
Bitmine bought another 32,447 ETH since its last update on Aug. 17, reporting its total crypto, cash, marketable securities, and other investments stood at $14.9 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $81.5 million.
"ETH gained 30% in the past week. This is the largest weekly gain since May 2025, prior to that it was July 2021. In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH. We expect easing financial conditions to be a tailwind for crypto," Lee said in the statement.
"We believe this upside move in ETH was overdue given the strengthening fundamentals in crypto, the multiple tailwinds of Wall Street tokenization, and agentic-AI. Moreover, the fact that the White House signaled support for crypto and the Treasury buying long-term bonds supported improved risk appetite," Lee added.
#OilHoldsLosses
#BitcoinRises23.6%Weekly
#ETH #NewsAboutCrypto
Tom Lee-chaired Ethereum treasury company Bitmine Immersion's
BBMNR+5.74% holdings have reached 5,847,611 ETH — worth around $14.7 billion at current prices — following its latest weekly acquisitions.
Bitmine bought another 32,447 ETH since its last update on Aug. 17, reporting its total crypto, cash, marketable securities, and other investments stood at $14.9 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $81.5 million.
"ETH gained 30% in the past week. This is the largest weekly gain since May 2025, prior to that it was July 2021. In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH. We expect easing financial conditions to be a tailwind for crypto," Lee said in the statement.
"We believe this upside move in ETH was overdue given the strengthening fundamentals in crypto, the multiple tailwinds of Wall Street tokenization, and agentic-AI. Moreover, the fact that the White House signaled support for crypto and the Treasury buying long-term bonds supported improved risk appetite," Lee added.
#OilHoldsLosses
#BitcoinRises23.6%Weekly
#ETH #NewsAboutCrypto
