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Why Tom Lee just bought $421m Ethereum despite the tanking market
Tom Lee’s Bitmine just bought $421 million worth of Ethereum despite the cryptocurrency trading 40% below its all-time high.
The company’s new haul lifts its Ethereum holdings past the $12 billion mark, with Bitmine saying it now owns 3.4% of the cryptocurrency’s total supply.
The purchase comes as traditional financial institutions are aggressively adopting blockchain technology amid greater regulatory clarity worldwide.
However, Lee’s latest addition to Bitmine’s coffers comes at a perilous time for DATs.
Over 200 companies have pivoted to add crypto to their treasuries, akin to how Strategy began buying Bitcoin in 2020.
Those companies are now under pressure to prove themselves, amid a steep decline in the broader digital asset treasury market.
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