Bitmine Buys 52K ETH as Tom Lee Believes the Best Years for Crypto Are Still Ahead

The rough market conditions and the global uncertainty have failed to faze the Tom Lee-chaired Ethereum buying machine, as Bitmine has spent approximately $90 million to acquire 52,203 ETH over the past week.

Lee remains highly bullish on the industry, despite the repeated rejections at key price levels and the fact that Bitmine is still billions of dollars in the red on its ETH position.

Closer to 5%

With the latest acquisition, Bitmine’s total ETH holdings have grown to 4.7% of the asset’s entire supply. Thus, the company is 94% of the way toward its 5% goal within less than a year since it began its Ethereum acquisition spree. It remains at the forefront of ETH accumulation.

The press release from this week informed that the firm’s total holdings consist of $10.7 billion across crypto assets, cash, marketable securities, and strategic investments in Eightco and Beast Industries.

He doubled down on his previous assertion that the current market environment, albeit quite sluggish and bearish at times, is in the early stages of “crypto spring.”

Staking Going Well

Although Bitmine continues to be deep in the red on its entire ETH position, it has managed to increase its annualized revenues due to staking. As of yesterday, the firm has staked 4,718,677 ETH (valued at over $8.2 billion at today’s prices), which has increased its annualized staking revenue to a projected $223 million.

Aside from being the undisputed leader in Ethereum corporate holdings, Bitmine is the second-largest crypto accumulator after Michael Saylor’s Strategy. The latter announced another bitcoin acquisition today, albeit a more modest one for just 520 BTC.

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