Tom Lee’s Bitmine Buys Another $102 Million ETH Despite $7 Billion in Unrealized Losses

Arkham Research has published a report to reveal that the Bitmine crypto treasury company, spearheaded by analyst and investor Tom Lee, has acquired yet another large Ethereum batch to add to its ETH holdings.

Arkham stressed that the company did it despite the overall unrealized loss of several billion dollars on the ETH it owns.

Bitmine buys $102 million in ETH

Over the past week, the treasury company acquired $102.05 million worth of Ethereum. Arkham stressed that Bitmine how holds $8.97 billion Ethereum in total. This is an impressive amount and is more than 3.7% of the total Ethereum supply in circulation. Bitmine’s long-term goal is to accumulate 5% of the ETH supply. Tom Lee believes that now, when he believes the crypto winter is about to end, is a perfect entry point into this popular asset.

The company staked 67% of its Ethereum holdings – this part is valued at slightly more than $6 billion. However, the analytics data source also emphasized that Bitmine is facing an unrealized loss of around $7 billion. Still, the company seems determined to continue its long-term bet on Ethereum.

Ethereum briefly recovers $2,000

Over the past week, the second most popular cryptocurrency, Ethereum, has been demonstrating intensive volatility and has been moving in a range. Over this period, it has hit support at $1,840 and resistance at the $2,000 level.

Earlier today, ETH again tried to break through it for the first time since February 25. After jumping by roughly 8% on Monday, ETH briefly reached $2,000 but then a decline of 6.44% followed, taking the coin back to $1,956. As it happened, other whales have also begun to accumulate Ethereum.

Strategy buys more Bitcoin

Meanwhile, another crypto treasury company, Strategy, the largest one in the Bitcoin sector, has also announced another BTC acquisition. Its founder, former CEO, and currently its executive chairman, Michael Saylor, made a statement about it on his X page.

Per his announcement, Strategy purchased an impressive 3,015 Bitcoin valued at approximately $204.1 million, paying around $67,000 per coin. This purchase boosted the company’s BTC holdings to 720,737 coins evaluated at roughly $54.77 billion.