Bitmine Buys 52K ETH as Tom Lee Believes the Best Years for Crypto Are Still Ahead
Bitmine, the Ethereum-focused mining and holding company chaired by Tom Lee, has spent roughly $90 million to acquire 52,203 ETH over the past week. This purchase brings its total ETH holdings to 4.7% of the entire supply, closing in on its 5% goal within less than a year since starting its accumulation spree.
According to a press release, Bitmine’s total holdings now consist of $10.7 billion across crypto assets, cash, marketable securities, and strategic investments in Eightco and Beast Industries. Despite being deep in the red on its ETH position, Lee remains highly optimistic. “The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto,” he said. He described the current sluggish market as the early stages of a “crypto spring.”
Bitmine has also boosted its annualized staking revenue. As of the latest data, the firm has staked 4,718,677 ETH (valued at over $8.2 billion), generating a projected $223 million in annualized staking revenue. Lee added that when fully staked, the reward could reach $268 million annually based on current yields.
Bitmine is now the second-largest crypto accumulator after Michael Saylor’s Strategy, which recently bought 520 BTC. The company’s aggressive ETH buying underscores its long-term conviction despite market uncertainty.