Tom Lee’s BitMine Rises as Ethereum Rebounds, Firm Adds $321 Million in ETH

BitMine Immersion Technologies added another $321 million worth of Ethereum (ETH) to its stockpile over the last week, the NYSE American-traded firm said Monday, with its holdings rising in value due to Ethereum’s recent rebound. Its stock was climbing Monday, as well.

The Tom Lee-fronted firm now holds 3.313 million ETH valued at over $13.8 billion, plus it has 192 Bitcoin (about $22 million worth) and $305 million in on-hand cash. The company added 77,055 ETH over the last week.

BitMine is the largest Ethereum treasury firm by far, outpacing runner-up SharpLink Gaming (SBET) with its $3.58 billion in ETH holdings. It’s the second largest overall crypto treasury behind Strategy, which holds over $73 billion worth of Bitcoin.

Ethereum has been rising in recent days alongside the rest of the crypto market, climbing 3% over the last week to a recent price of $4,166. Overnight, ETH rose as high as $4,246, the highest mark registered by crypto markets data provider CoinGecko in the last two weeks.

Lee, the chairman of BitMine and co-founder and head of research at Fundstrat Global Advisors, cited improving trade relations between the United States and Canada for why Ethereum is on the rise again after a dramatic crypto market plunge earlier this month.

“The progress in trade talks between U.S. and China is a positive for Ethereum and crypto broadly,” said Lee in a statement. “These are global assets and rising tensions triggered the largest ever deleveraging in crypto a few weeks ago. While the fundamentals of Ethereum and crypto are ‘uncorrelated’ to equities, Fundstrat work has shown that in the past 15 years, Ethereum and crypto perform better when equities rise, meaning crypto is correlated to ‘risk-on’ assets via the associated leverage channel.”

BitMine’s stock jumped Monday following both ETH’s weekend rise and the purchase announcement, with shares of BMNR recently changing hands for $53.15—up more than 5% so far on the day.

Myriad users remain bullish on Ethereum’s prospects, currently giving ETH a nearly 80% chance of rising to a price of $4,500 sooner than it can plunge to $3,100. (Disclaimer: Myriad is a product of Decrypt’s parent company, Dastan.)