Tom Lee's BitMine adds $113 million worth of ETH to treasury: onchain data
Quick Take BitMine acquired $113 million worth of ETH on Tuesday. The company’s Monday disclosure revealed that its treasury holdings have surpassed 3.3 million ETH, worth over $13 billion.
BitMine Immersion Technologies added 27,316 ETH to its corporate Ethereum treasury on Wednesday.
Lookonchain, using Arkham data, reported that BitMine acquired $113 million worth of ETH through wallet "0xDc8…3a07f" from BitGo on Tuesday. However, this transaction has not been officially confirmed by BitMine.
On Monday, BitMine officially announced that its holdings have surpassed 3.3 million ETH, worth around $13.2 billion at current prices. The treasury firm, led by Fundstrat co-founder Tom Lee, is currently the largest ETH treasury and the second-largest crypto treasury, behind Michael Saylor's Strategy.
The company has repeatedly stated its goal of accumulating 5% of Ethereum's total supply and expressed its commitment to supporting Ethereum's growing role in financial market services. BitMine is supported by institutional investors including Ark Invest's Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera.
Lee has also endorsed Ethereum on multiple occasions, saying Wall Street players and the White House will favor Ethereum in their future blockchain endeavors as it is a "truly neutral chain."
Meanwhile, Ethereum is down 2.36% in the past 24 hours to trade at $4,000, according to The Block's ETH price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
