This company already accumulates 3.97 million ETH in its treasury.
Tom Lee, CEO of BitMine, maintains his bullish expectations for ETH in this cycle.
BitMine Immersion, the firm run by Tom Lee, took advantage of the price correction of ether (ETH), Ethereum’s native cryptocurrency, to add more coins to its treasury.
Yesterday, Tuesday, December 16, BitMine acquired 48,049 ETH, valued at $140.58 million.
So far, the company has not officially confirmed this transaction, which was carried out from an active wallet on FalconX, a trading platform for institutional clients, according to data of Arkham cited by the onchain analyst known as EmberCN.
According to official data, currently The firm led by Tom Lee has a total of 3.97 million units of ETH in its corporate treasuryvalued at 11.37 billion dollars.
The company has 3.28% of the total circulating supply of ether and its long-term objective is to secure 5%, as reported by CriptoNoticias.
These purchases occurred amid the drop in the price of the Ethereum cryptocurrency. In the last 7 days, the price of ETH fell by 11%.
At the time of publication of this note, ETH is trading around $3,000as seen in the following graph:
Despite the price drop, Tom Lee, president of BitMine, affirms that “the best days for cryptocurrencies are ahead,” highlighting advances such as legislative progress in Washington and Wall Street’s greater support for the digital asset industry.