Bitmine buys 27,180 ETH as Tom Lee eyes year-end crypto rally

Bitmine Immersion Technologies bought 27,180 Ethereum tokens over the past week, taking its holdings to 5,956,378 ETH as of Sept. 13, according to a company release. Using Coinbase’s $2,513 per ETH, Bitmine valued the position at nearly $15 billion. The treasury represented 4.9% of Ethereum’s stated 122 million-token supply, placing the firm 98% of the way toward its goal of owning 5% of all ETH. Chairman Tom Lee pointed to U.S. legislation and institutional demand as potential drivers for a year-end crypto rally, while noting Bitmine’s steady buying history. The firm also reported a broader portfolio worth $15.8 billion and detailed that 5,067,309 ETH were staked.