Odaily Planet Daily reports that Tom Lee, Chairman of Bitmine Immersion Technologies, stated that the "mini crypto winter" affecting ETH is coming to an end, and the company has maintained a strong buying pace over the past three weeks. Lee noted that the progress of the CLARITY bill in Congress and the relative stability of the crypto market amid geopolitical tensions in Iran are positive signs; ETH has risen 18% since the Iran conflict, outperforming the stock market by 2450 basis points, while gold declined over 15% during the same period.
Last week, Bitmine purchased an additional 65,341 ETH, valued at approximately $139 million, bringing its total holdings to over 4.6 million ETH, or about 3.86% of the total ETH circulating supply. To reach its 5% target, the company needs to acquire approximately 1.4 million more ETH, which would cost around $2.9 billion at current prices. Currently, over 3 million ETH held by the company have been staked.
Bitmine also holds $1.1 billion in cash, 196 BTC, a $200 million investment in Beast Industries, and a $95 million investment in Eightco Holdings. According to StrategicEthReserve, Bitmine ranks first among the 67 largest ETH-holding institutions, followed by SharpLink Gaming with 863,000 ETH in second place, and Ether Machine with 496,000 ETH in third place.