Tom Lee's Bitmine Buys Another $102 Million ETH Despite $7 Billion in Unrealized Losses

Arkham Research has published a report to reveal that the Bitmine crypto treasury company, spearheaded by analyst and investor Tom Lee, has acquired yet another large Ethereum batch to add to its $ETH holdings.

Arkham stressed that the company did it despite the overall unrealized loss of several billion dollars on the $ETH it owns.

Bitmine buys $102 million in $ETH

Over the past week, the treasury company acquired $102.05 million worth of Ethereum. Arkham stressed that Bitmine how holds $8.97 billion Ethereum in total. This is an impressive amount and is more than 3.7% of the total Ethereum supply in circulation. Bitmine’s long-term goal is to accumulate 5% of the $ETH supply. Tom Lee believes that now, when he believes the crypto winter is about to end, is a perfect entry point into this popular asset.

The company staked 67% of its Ethereum holdings – this part is valued at slightly more than $6 billion. However, the analytics data source also emphasized that Bitmine is facing an unrealized loss of around $7 billion. Still, the company seems determined to continue its long-term bet on Ethereum.

Ethereum briefly recovers $2,000

Over the past week, the second most popular cryptocurrency, Ethereum, has been demonstrating intensive volatility and has been moving in a range. Over this period, it has hit support at $1,840 and resistance at the $2,000 level.

Earlier today, $ETH again tried to break through it for the first time since February 25. After jumping by roughly 8% on Monday, $ETH briefly reached $2,000 but then a decline of 6.44% followed, taking the coin back to $1,956. As it happened, other whales have also begun to accumulate Ethereum.

Strategy buys more Bitcoin

Meanwhile, another crypto treasury company, Strategy, the largest one in the Bitcoin sector, has also announced another $BTC acquisition. Its founder, former CEO, and currently its executive chairman, Michael Saylor, made a statement about it on his X page.

Per his announcement, Strategy purchased an impressive 3,015 Bitcoin valued at approximately $204.1 million, paying around $67,000 per coin. This purchase boosted the company’s $BTC holdings to 720,737 coins evaluated at roughly $54.77 billion.