Key highlights:
Bitmine Immersion Technologies has added 76,881 to its stash, splurging $41 million on the acquisition. At the time, Tom Lee hinted that Bitmine could pause its aggressive Ethereum buying after reaching its 5% target.
Ethereum price surges as Lee eyes crypto spring
Alongside the purchase announcement, Lee disclosed that the episode of torrid crypto prices may be over for the industry, strengthening his resolve to continue accumulating ETH. He noted that with the crypto winter showing signs of thawing, a “crypto spring” is already underway while downplaying a previous ETH pullback over the weekend. Lee stated:
“We are maintaining a somewhat elevated pace of buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we believe we are in the early stages of crypto spring.”
Meanwhile, the markets reacted positively to reports of Bitmine’s purchase, with ETH climbing by 10% today and hitting $1,840. Amid the rise in valuation, ETH recorded a staggering 165% surge in daily trading volumes at $16 billion.
Source:: Bitmine Scoops Up 76,881 ETH as Tom Lee Sees End To Crypto Winter