Svmuu News Bitmine Immersion Technologies Chairman Tom Lee stated that the "mini crypto winter" affecting ETH is coming to an end, and the company has maintained a high buying pace over the past three weeks. Lee pointed out that the progress of the CLARITY Act in Congress and the relative stability shown by the crypto market amidst the turmoil in Iran are positive signals. ETH has risen 18% since the Iran conflict, outperforming the stock market by 2450 basis points, while gold has fallen over 15% during the same period.
Bitmine purchased an additional 65,341 ETH last week, worth approximately $139 million, bringing its total holdings to over 4.6 million ETH, accounting for about 3.86% of ETH's total circulating supply. To reach its 5% target, it still needs to purchase about 1.4 million ETH, which would cost roughly $2.9 billion at current prices. Currently, the company has staked over 3 million ETH.
Bitmine also holds $1.1 billion in cash, 196 BTC, a $200 million investment in Beast Industries, and a $95 million investment in Eightco Holdings. According to StrategicEthReserve tracking, Bitmine ranks first among 67 large ETH-holding institutions, SharpLink Gaming holds second place with 863,000 ETH, and Ether Machine ranks third with 496,000 ETH.