Bitmine buys $52M ETH as Tom Lee says price not yet showing Ethereum’s strength

Bitmine is aiming to hold 5% of the total circulating supply of 120.6 million Ether tokens and is about 90% of the way to its target after its latest purchase.

Bitmine Immersion Technologies has purchased another $52 million worth of Ether (ETH), with its chair, Tom Lee, saying that the token’s price isn’t yet reflecting the Ethereum blockchain’s strengths.

“Over the past week, we acquired 26,497 ETH,” Lee said in a statement on Monday. “In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.”

Bitmine is the largest Ether treasury company with 5.4 million ETH worth more than $10.5 billion. It had slowed its pace of buying earlier this month after scooping up more than 100,000 Ether a week for three straight weeks.

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