Gate News reports that on March 24, Bitmine Immersion Technologies Chairman Tom Lee 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 pointed out that the progress of the CLARITY bill in Congress and the relative stability of the crypto market amid the turmoil in Iran are positive signals. Since the Iran conflict, ETH has risen 18%, outperforming the stock market by 2,450 basis points, while gold has fallen over 15% during the same period.
Last week, Bitmine purchased an additional 65,341 ETH, worth approximately $139 million, bringing its total holdings to over 4.6 million ETH, about 3.86% of the total circulating supply. To reach its 5% target, it needs to acquire about 1.4 million more ETH, which would cost roughly $2.9 billion at current prices. The company has already staked over 3 million ETH.
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 67 major ETH holding institutions, with SharpLink Gaming holding 863,000 ETH in second place, and Ether Machine holding 496,000 ETH in third.
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