- Bitmine secured 60,999 Ethereum over the last seven days, bringing its total holdings to around 4.6 million ETH.
- Company chair Tom Lee claimed that Ethereum has been significantly outperforming the S&P as investors turn to growth assets amid the prolonged Middle East conflict and oil crisis.
Bitmine Immersion Technologies (BMNR) didn’t miss a beat despite the shaky market conditions amid the US-Iran conflict. Instead of cowering from the FUD (Fear, Uncertainty, Doubt), it proceeded to snap 60,999 Ethereum (ETH) to reinforce its digital asset treasury (DAT). The move also marked a more aggressive acquisition, compared with the company’s average weekly purchases of 45,000 to 50,000 ETH.
The latest development increased Bitmine’s haul to a total of 4,595,562 ETH. The figures account for 3.8% of the 120.69 million ETH in circulation, and mirror Strategy’s (formerly MicroStrategy) Bitcoin (BTC) exposure rate.
Bitmine’s Ethereum and Other Key Assets
The business was mum about the amount it spent on its latest Ethereum buy. However, the price of the asset at $2,185 per ETH upon the company’s disclosure puts the value of its overall holdings of the token at $10.041 billion.
The Ethereum stash adds to Bitmine’s static 196 BTC portfolio, which should be worth approximately $14.6 million at Bitcoin’s $74,468-per-coin peak over the last 24 hours. Additionally, the company maintains a $200 million stake in Beast Industries, a $83 million stake in Eightco Holdings (ORBS), and $1.2 billion in total cash reserves.
Tom Lee’s Outlook on ETH
Bitmine’s timing of its new batch of ETH purchases came at an opportune time, as the prolonged Middle East conflict and the bleak US and global economic outlook prompted investors to rebuild their positions in the second-largest crypto asset by market cap. Tom Lee, the company’s chairman, highlighted that the Iran war has caused Ethereum to outperform the S&P by 2,453 basis points.
Lee explained that rising oil prices are triggering concerns about slowing global economic growth. He pointed out that when investors are worried about growth, they typically turn to growth stocks, including the Magnificent Seven (MAG7) stocks, software, and crypto. Moreover, he noted that crypto remains sensitive to the short-term volatility of software stocks.
The Bitmine chair maintains his optimistic long-term outlook for Ethereum, believing that its current price is not yet reflective of its real demand and use cases. ETH’s broad utility beyond being a mere store of value fuels Lee’s confident projection.
Ethereum underpins 663 real-world asset (RWA) projects, with a combined value of $15.6 billion. Meanwhile, ETH’s market cap ranged from $252 million to $278 million over the last 24 hours, ranking only next to BTC in overall valuation.
