Bitmine Purchases 40,718 Ethereum Worth $137 Million
Bitmine Immersion Technologies boosted its Ethereum holdings by over 54,000 ETH and raised cash reserves to $607 million, as Chairman Thomas Lee cites reduced market liquidity for price weakness but forecasts continued upside.
BitMine Immersion Technologies acquired more than 54,000 ether worth around $173 million last week, increasing its total holdings to nearly 3.6 million ETH—close to 3% of the token’s total supply. The firm also raised cash reserves from $398 million to $607 million. Chairman Thomas Lee attributed current crypto price weakness to reduced market liquidity following the October crash, likening it to “quantitative tightening,” but stated that the cycle has not peaked and could extend into 2026 or later. Lee highlighted asset tokenization on Ethereum as a major growth trend.
- Ethereum (ETH): A blockchain platform enabling decentralized applications and smart contracts, with ETH as its native cryptocurrency.
- Quantitative Tightening (QT): A monetary policy reducing liquidity in financial markets, here used metaphorically to describe decreased cryptocurrency market-making activity.
- Asset Tokenization: The process of converting ownership rights of assets like stocks, bonds, or real estate into digital tokens on a blockchain.