Tom Lee’s Bitmine Owns 1,538 Million ETH

Height Ethereum above $4600 appears to have given confidence in ETH’s future success to one of Wall Street’s most ardent cryptocurrency supporters.

BitMine, a company linked to Fundstrat co-founder Tom Lee, now holds over $27 billion worth of ETH, according to on-chain analytics platform Arkham as of August 7,08. The organization’s 1,538 million ETH on its balance sheet makes it one of the largest corporate treasuries in the crypto space.

Over the past 24 hours, Bitmine has increased its ETH portfolio by another $21,3 million. In this regard, market analysts do not rule out that the company may control 5% of the total circulating supply. Ethereum, which is $27 billion at current prices.

Ethereum in the Bitmine portfolio. Source: Arkham

In addition, on Tuesday, analysts noted a significant flow of capital from Bitcoin (BTC) to эфириум, while futures activity, flows ETF and the whales’ positions are increasingly tilted towards the world’s second-largest cryptocurrency.

The last dash Ethereum coincided with a record influx of institutional investment, an expansion of the ecosystem DeFi and breakthroughs in scaling second-level networks. Given that ETF ETH has attracted billions in assets under management since its launch earlier this year, Bitmine’s accumulation appears to be aimed at outpacing what the company sees as long-term dominance Ethereum.

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