Tom Lee's BitMine Immersion Technologies added 208,137 ETH to its cryptocurrency reserves last week, bringing its holdings to a value of over $3 billion as the price of Ethereum surged on Monday.
According to a statement on Monday, the latest purchase increased BitMine's total holdings to 833,137 ETH, reportedly ahead of the second-largest Ethereum reserve company, SharpLink Gaming.
CoinGeck data shows that ETH rose by 5.8% from its lowest to highest price within 24 hours on that day, reaching a peak of $3,730 before retreating to $3,654.
With ETH prices surpassing $3,700, BitMine became the fourth-largest cryptocurrency reserve company globally, following Strategy, MARA Holdings, and Twenty One Capital, just 35 days after the company announced its Ethereum reserve strategy.
The company is led by Fundstrat Chief Investment Officer Tom Lee and has attracted funding from billionaire investors Bill Miller III, Stanley Druckenmiller, and ARK Invest CEO Cathie Wood.
Institutional confidence in ETH has been a key driver of its triple-digit rise over the past three months, narrowing the gap with competitors like Bitcoin (BTC) and Solana (SOL), which have been leading in the current bullish cycle.
The rapid accumulation has sparked competition among Ethereum reserve companies.
"BitMine has acted with lightning speed in pursuing ETH's '5% alchemy,' growing our ETH holdings from zero to over 833,000 in just 35 days," Lee said, adding:
"We stand out among our cryptocurrency reserve peers not only for the speed of increasing our per-share crypto net assets but also for the high liquidity of our stock."
SharpLink holds the second-largest ETH reserve, with over 438,200 ETH valued at $1.61 billion, while Ethereum Machines ranks third with 345,400 ETH after a $40 million purchase on Monday.
Data from StrategicETHReserve shows that the Ethereum Foundation and PulseChain SAC rank in the top five with 232,600 and 166,300 ETH, respectively.
Lee told CNBC that he expects market prices to rise in August, as recent labor data indicates a softening job market, encouraging the Federal Reserve to shift from tightening to a more accommodative policy, which could stimulate the housing market.
"I think we will see a significant rise in August," Lee said, adding that the S&P 500 index could return to historical highs in the coming weeks, and given the strong correlation between the crypto market and the broader market, such an outcome could drive Ethereum and the crypto market higher.
Related: Trump Bitcoin (BTC) advisor David Bailey seeks to raise $200 million for political action committee (PAC)
Original article: “BitMine's Ethereum Holdings Surpass $3 Billion as ETH Price Rallies 6%”
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