Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto
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Bitmine added more ether to its treasury in another weekly purchase, bringing its holdings to nearly 5.99 million ETH. Tom Lee also said institutions remain underweight crypto and pointed to Ethereum’s recent outperformance in the third quarter.
Key claims & sources
What it means
Bitmine’s latest ether purchase affects holders who track large treasury buyers, because the company added to an already large position and now controls nearly 5.99 million ETH. That is visible to the broader Ethereum market today as another large treasury accumulation update from a single firm.
In practice, the company kept doing what it had been doing before: adding ether to its balance sheet. What stands out is that the stated view from its chairman is still that institutions are underweight crypto, while Ethereum’s third-quarter performance is being used to frame the market view around that holding pattern. (per coindesk.com)
Market reaction i
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Coverage timeline
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