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Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'
Bitmine Immersion Technologies bought 12,532 ETH over the past week, worth about $31.9 million at the $2,544 price the company used to value its holdings and lifting its holdings to 6,028,946 ETH, the company said Monday. That includes 214 BTC, $612 million in cash and marketable securities, and stakes worth $180 million in Beast Industries and $85 million in Eightco Holdings. The firm has staked 5,067,309 ETH, which Lee said generates annualized staking revenue of about $336 million. In his monthly Chairman's message last week, Lee said Bitmine needs "about 100,000 more ETH, and that's about it." He has said the firm's Ethereum buying will stop once it reaches its target. "Now we're done stacking while a bull market is starting," Lee said in the video. He said Bitmine shares, then around $26, are 90% correlated with ETH, and projected that ETH at $22,000 would put the stock at $300 to $500.