According to an announcement released on Monday, Bitmine Immersion Technologies (NASDAQ: BMNR) heavily accumulated 60,976 ETH last week, worth approximately $120 million. As Chairman Tom Lee bets that the crypto “mini winter” is nearing its end, Bitmine’s buying spree has accelerated across the board, injecting confidence into the sluggish market environment.
Notably, this is the largest increase in holdings this year, with the company’s ETH holdings surpassing 4.5 million, valued at over $9 billion.
Despite the bearish sentiment in the crypto market, Bitmine continues to adhere to its “buy the dip” strategy. According to DropsTab estimates, the company’s unrealized losses (floating losses) on its ETH holdings amount to as much as $7.8 billion.
Addressing external concerns, “Wall Street wizard” and Bitmine Chairman Tom Lee stated that multiple market signals suggest a “bottom is forming,” prompting the company to increase its buying efforts, raising its recent weekly purchase volume from around 45,000 to 50,000 ETH. He said:
We firmly believe that the prices of cryptocurrencies are entering the tail end or final stage of this “mini crypto winter.”
There’s an old saying on Wall Street: no one rings a bell to signal the market bottom. Therefore, Bitmine’s strategy is to accelerate the accumulation of ETH.
Additionally, Bitmine revealed that it has staked over 3 million ETH, generating approximately $174 million annually; if all its holdings are staked in the future, the annualized yield could reach $259 million.
Tom Lee urges investors: Stop worrying about finding the “bottom,” now is the time to “buy the dip.”
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