BitMine accumulated 138,452 more ETH last week; Tom Lee is optimistic about Ethereum strengthening in the coming months.

On December 8, BitMine announced that the total value of its cryptocurrencies, cash holdings, and “potential assets” has reached $13.2 billion. As of 4 p.m. ET on December 7, the company’s asset composition includes: · 3,864,951 ETH (Ethereum); · 193 BTC (Bitcoin); · $36 million worth of Eightco Holdings (NASDAQ: ORBS) equity; · and $1 billion in total cash holdings.

Fundstrat Chairman and BitMine Chairman Thomas “Tom” Lee stated: “Over the past week, BitMine has increased its holdings by 138,452 ETH tokens. Compared to the weekly average increase of 54,156 tokens four weeks ago (the week of November 17), this represents a 156% increase, which is significant. Our accelerated buying reflects our confidence: driven by multiple catalysts, we believe ETH prices will strengthen in the coming months. The Fusaka upgrade (also known as Fulu-Osaka) was activated on December 3, bringing a series of improvements in scalability, security, and usability. The Federal Reserve is taking several key actions in December, including ending quantitative tightening and is expected to cut rates again on December 10. It has now been more than eight weeks since the October 10 liquidation shock event—enough time for crypto assets to resume trading based on future fundamentals.”

ETH-0.28%
BTC-1.26%
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