Bitmine buys 27,180 ETH as Tom Lee eyes year-end crypto rally

Bitmine Immersion Technologies has purchased 27,180 Ethereum over the past week, lifting its holdings to 5.96 million ETH as chairman Tom Lee points to U.S. legislation and institutional demand as possible drivers of a year-end crypto rally. Summary Bitmine acquired 27,180 ETH, bringing its treasury to 5,956,378 ETH. The company now holds about 4.9% of Ethereum’s 122 million-token supply. Bitmine has staked 5.07 million ETH, equal to roughly 85% of its holdings. Tom Lee named the coming CLARITY Act vote and returning Korean demand as possible market catalysts. Bitmine adviser Tom DeMark expects ETH to make a sharp upward move in the coming weeks. Bitmine’s ETH holdings have reached 5.96 million tokens According to a company press release, Bitmine held 5,956,378 Ethereum (ETH) as of Sept. 13 after adding 27,180 tokens during the preceding week. Using Coinbase’s price of $2,513 per ETH, Bitmine valued the position at nearly $15 billion. Its treasury represented 4.9% of Ethereum’s stated 122 million-token supply, putting the firm 98% of the way toward its plan to own 5% of all ETH. “Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world,”...