From 0 to 833,000 ETH in just 35 days – How is Tom Lee's BitMine playing big?

BitMine Immersion Technologies, a company chaired by Tom Lee – Chief Investment Officer at Fundstrat – has just completed a purchase of an additional 208,137 ETH in the past week, bringing the total amount of Ethereum held to 833,137 ETH ( worth over 3 billion USD ).

This move was announced on Monday, marking a significant step forward for BitMine on its journey to solidify its position as a leading Ethereum management fund, while also widening the gap with its second-largest competitor, SharpLink Gaming.

ETH surges – BitMine becomes the 4th largest crypto management fund globally

At the time of writing, the price of ETH is fluctuating at 3,666 USD after reaching a daily high of around 3,736 USD, marking a 3.6% increase over the past 24 hours.

ETH price chart | Source: TradingViewWith this price level, BitMine is currently the 4th largest crypto asset management fund in the world, only behind Strategy, MARA Holdings, and Twenty One Capital. Notably, the company only announced its Ethereum fund management strategy 35 days ago but has quickly climbed to the top of the market.

The rapid accumulation of BitMine has also ignited a fierce race among Ethereum management funds.

Chairman Tom Lee shared, emphasizing the competitive advantage:

"BitMine has acted at breakneck speed in the pursuit of '5% ETH alchemy'. In just 35 days, we have increased our held ETH from 0 to over 833,000. This is a testament to our determination and long-term vision."

"BitMine has made a difference thanks to the rapid growth in net asset value (NAV) per share and the ability to maintain superior liquidity – something that few crypto funds can achieve."

The accumulation race is heating up:

Source: StrategicETHReserveHowever, analysts warn that Ether is unlikely to break through the 3,800 USD mark without a stronger wave of demand from institutions – a key factor determining the upcoming market trend.

Optimism for August: Fed may ease, ETH benefits

In an interview with CNBC, Tom Lee expressed optimism about the short-term market outlook. He believes that the recent weak labor data will force the Federal Reserve (Fed) to shift from a tightening policy to easing soon, thereby stimulating both the housing market and risk assets such as crypto.

"I believe that August will witness a significant price increase," Lee commented, while predicting that the S&P 500 index could return to its historic peak in the coming weeks. According to him, with the close correlation between the stock market and crypto, such a breakout will act as a catalyst to drive Ether and the entire crypto market upward.

With the backing of major investors like Bill Miller III, Stanley Druckenmiller, and Cathie Wood, BitMine demonstrates a long-term accumulation strategy and places great trust in the sustainable growth of Ethereum.

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