Bitmine buys $138 million ETH, bets on crypto recovery

Bitmine, led by Thomas Lee, has significantly increased its Ethereum purchases, acquiring approximately $138 million worth of ETH last week. This marks the third consecutive week of accelerated buying, bringing the firm's total holdings to over 4.66 million ETH. Despite substantial unrealized losses on its existing holdings, Bitmine's chairman believes the crypto market is nearing the end of a prolonged slump. The firm has also bolstered its cash reserves to $1.1 billion, signaling a strong conviction in a potential market recovery and positioning itself to capitalize on future price appreciation.