Tom Lee: Market Pullback is an "Extremely Attractive" Entry Point, Bitmine Purchases $84 Million Worth of Ethereum This Week

Odaily News According to Arkham data, BitMine purchased a total of 40,000 ETH from FalconX and BitGo on Monday, valued at $84 million, with a transaction price of approximately $2,090 per ETH. As of last weekend, BitMine held 4,325,738 ETH, with a total value of $914 million. The company has now completed 72% of its goal to acquire 5% of Ethereum's circulating supply. Furthermore, BitMine has staked about 67% of its ETH holdings, generating an annualized revenue of $202 million.

Tom Lee stated that the best investment opportunities in cryptocurrency often emerge after a decline. Given Ethereum's continuously strengthening fundamentals, this market pullback presents an extremely attractive entry point, as the current ETH price does not reflect its high utility as a core component of future finance. Regarding BitMine's significant unrealized losses, Tom Lee pointed out that this is an expected component of Ethereum treasury strategies during market downturns, with the company aiming to achieve excess returns through a complete market cycle.