Tom Lee’s BitMine Buys Another 60,000 Ethereum Despite Volatility

<p>BitMine Immersion Technologies (NYSE: $BMNR), the serial cryptocurrency acquirer run by investor Tom Lee, has bought another 60,999 Ethereum (CRYPTO: $ETH) despite ongoing price volatility.</p>
<p>BitMine continues to build its holdings of the second-largest cryptocurrency by market capitalization and has a stated goal to acquire 5% of the total Ethereum supply.</p>
<p>The latest ETH buy was the company's biggest of the year and worth nearly $140 million U.S. with Ethereum’s price currently at $2,300 U.S.</p>
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<p>BitMine now owns 4,595,562 Ethereum tokens valued at more than $10 billion U.S., making it the largest corporate owner of the cryptocurrency in the world.</p>
<p>In a statement, BitMine said that it continues to have $1.2 billion U.S. of cash in reserve, which it plans to use to acquire even more Ethereum.</p>
<p>Tom Lee has steadily added to BitMine’s Ethereum holdings throughout the current crypto winter. Ethereum’s price is down more than 50% from nearly $5,000 U.S. reached last August.</p>
<p>BitMine continues to generate income from staking a large share of its Ethereum holdings, which is the process of earning rewards for helping to validate a blockchain network.</p>
<p>Lee has said that BitMine now earns about $180 million U.S. in annual revenue from staking 3.04 million ETH tokens.</p>
<p>BMNR stock has declined 26% this year to trade at $23.02 U.S. per share.</p>