Bitmine Immersion Technologies has purchased another $52 million worth of Ether (ETH) with its chairman Tom Lee, saying the token’s price does not yet reflect the strengths of the Ethereum blockchain.
“We have acquired 26,497 ETH in the last week” – Lee he said in a statement on Monday. “In our opinion, ETH prices do not reflect the strengthening of Ethereum’s fundamentals, but on the other hand this is not surprising considering that we are in the early stages of crypto spring.”
Bitmine is the largest Ether treasury with 5.4 million ETH worth over $10.5 billion. Earlier this month, he slowed his purchasing pace after accumulating more than 100,000 Ether per week for three weeks in a row.
Source: Bitcoin
Ether fell by 4.7% over the last week and its prices ranged between $1,963 and $2,126, According to to CoinGecko. Over the past day, prices have remained steady at just below $2,000.
Leeward he said CNBC on Monday said there is currently disappointment in cryptocurrencies because they have remained flat while other sectors such as software are rising, but argued that “this always happens at the end of the crypto winter.”
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Lee argued that the Bitcoin and Ethereum thesis he believes in is still valid; that they are likely to be the future of money, despite short-term market declines and sell-offs by some long-term holders and whales.
“As artificial intelligence systems evolve, we are now talking about using trading and operational sites, there needs to be decentralized identity and verification, and that is what cryptocurrency does,” he said.
“We know Wall Street wants to move towards tokenization; it means a huge improvement in the efficiency of the actual flow of money and that is innovation. This only happens with Bitcoin, Ethereum and other smart contracts. The future does not change.”
Bitmine announced plans to build an Ether vault in July 2025, with the goal of maintaining 5% of the total supply of 120.6 million tokens in circulation. Its current stash holds over 5.4 million tokens, which is approximately 90% of its goal. Lee said he expects the company to reach its goal sometime in 2026.
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