Tom Lee led BitMine to purchase 160,000 Ethereum coins, and BMNR increased more than six times in one month

Tom Lee-led Bitcoin miner BitMine Immersion Technologies has purchased 163,142 ETH, calculated at $3,072 per coin, with a market value close to $500 million, second only to the US online gaming company SharpLink.

Tom Lee-led Bitcoin Miner, Transforming into an Ethereum Reserve Company

Wall Street's well-known analyst and Fundstrat co-founder Tom Lee took over as chairman of the board of BitMine Immersion Technologies in early July, promoting the company's transformation into an Ethereum reserve company. By selling 55,555,556 common shares at $4.50 per share, they raised $250 million to purchase a large amount of ETH. Investors include Tom Lee, Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG, and other well-known crypto institutions.

BitMine's core business includes Bitcoin mining, computing power trading, and Mining as a Service (MaaS).

BitMine Buys 160,000 ETH, Market Value Close to $500 Million

After announcing its transformation into an Ethereum reserve company, BitMine further announced the purchase of 163,142 ETH, calculated at $3,072 per coin, with a market value close to $500 million, second only to the US online gaming company SharpLink.

(Ethereum Foundation selling coins? Official clarification, SharpLink aggressively buying ETH approaching the champion's throne)

The company previously stated that its performance indicator target is to increase ETH holdings per share through reinvesting company cash flow, capital market activities, and staking yield.

BMNR Stock Price Fluctuates Dramatically, Rising Over Six-fold in a Month

With BitMine quickly attracting market attention through its Ethereum reserve strategy and Tom Lee's influence, the BMNR stock price once rose to $160. Although it has significantly dropped recently, its one-month increase is still over six-fold, showing investors' high interest in its strategy. However, BitMine's stock price is highly volatile and often triggers trading suspensions, so investors should carefully assess their risk tolerance.

Based on public information, BitMine's total issued common shares are approximately 60 million, with a closing price of $41.02 yesterday, giving the company a market value of around $2.5 billion, which is actually far higher than the value of its Ethereum holdings.