Tom Lee blames crypto weakness on quarter-end ‘window dressing’ as Bitmine adds another $43 million of ETH
Bitmine made its smallest purchase since early May as Lee pointed to investors cutting losses before the start of the second half of the year.
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Summary
- Bitmine Immersion Technologies purchased 27,084 ether last week for about $43 million, lifting its holdings to 5.7 million ETH, or roughly 4.7 percent of Ethereum’s circulating supply.
- The company now controls about $9.8 billion in crypto, cash and investments, and is nearing its goal of owning 5 percent of all ETH even as it slows the pace of its recent purchases.
- Chairman Thomas Lee attributed recent crypto price weakness to quarter-end “window dressing,” as bitcoin and ether head toward a third straight quarter of losses despite positive developments in the Ethereum ecosystem.
