Bitmine Buys $52M of ETH; Lee Says Fundamentals Remain Strong

Bitmine Immersion Technologies purchased another $52 million worth of Ether, adding 26,497 ETH over the past week, the company’s chair Tom Lee said. He argued ETH prices are not reflecting the strengthening of Ethereum fundamentals and described the market as being in the "early stages of crypto spring." Bitmine is the largest Ether treasury company, holding 5.4 million ETH worth more than $10.5 billion.

The firm had slowed its buying earlier this month after acquiring more than 100,000 Ether a week for three straight weeks. Ether is down 4.7% over the past week and has traded between $1,963 and $2,126, trading mostly flat over the past day at just below $2,000.

Lee said there is disappointment in crypto because it hasn’t moved while other sectors like software are rallying, and that this "always happens at the end of crypto winter." Lee maintained his view that Bitcoin and Ethereum remain likely to be the future of money despite short-term price weakness and some selling by long-term holders and whales.

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