Tom Lee’s BitMine Immersion Accumulates Additional 135,135 ETH Worth $600,000,000 in Mere Hours: Report

BitMine Immersion (BMNR) – the largest Ethereum (ETH) treasury firm in the world – is reportedly gobbling up hundreds of millions of dollars worth of Ether, adding to its burgeoning stockpile.

In a new post on X, EmberCN reports that Tom Lee’s new company went on an Ethereum buying spree, accumulating tens of thousands of Ethereum in just 10 hours and bringing the value of its treasury to nearly $6 billion.

“BMNR has continued to increase its holdings by 135,135 ETH, valued at $600 million, through the institutional business platforms of FalconX, Galaxy Digital, and BitGo over the past 10 hours.

Their total ETH reserve now stands at 1.297 million ETH, valued at $5.77 billion.”

Earlier this week, it was BitMine’s stock that saw an explosive rally, at the time rising 119% in just four trading days, fueled by a separate large ETH purchase.

As stated by Lee,

“In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH… We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”

Ethereum is trading for $4,450 at time of writing, a 4.2% decrease during the last 24 hours, while BMNR is valued at $57.81 as of Friday’s close.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney