BitMine accumulates $1.5B in Ether since crash despite Lee’s treasury bubble fears

Fundstrat’s Tom Lee has echoed the sentiment that integer plus treasury hype whitethorn beryllium coming to an end, but remains bullish connected Ether, having purchased $1.5 cardinal worthy since the marketplace crash.

BitMine Immersion Technologies has scooped up a full of 379,271 Ether (ETH) worthy astir $1.5 cardinal since the grounds crypto marketplace liquidation event past weekend.

The acquisitions came successful 3 abstracted purchases: 202,037 ETH aft the play crash, 104,336 ETH on Thursday, and 72,898 ETH connected Saturday, according to onchain information from Arkham Intelligence and ‘BMNR Bullz’, which tracks the firm’s purchases.

BitMine is the world’s largest Ether treasury institution with a stash of much than 3 cardinal ETH, oregon 2.5% of the full supply, worthy $11.7 billion. 

It is already halfway toward its people of 5% and has lone started accumulating the plus successful aboriginal July, erstwhile ETH was hovering astir the $2,500 level. 

“Ethereum could flip Bitcoin akin to however Wall Street and equities flipped golden station 71,” Lee told ARK Invest CEO Cathie Wood connected Thursday. 

DAT bubble bursting? 

The continued aggressive accumulation of Ether occurs contempt Lee’s sentiment that the integer plus treasury bubble whitethorn person burst.

Lee stated that galore DATs are trading beneath their nett plus worth (NAV), oregon the worthy of their underlying crypto holdings. “If that’s not already a bubble burst… How would that bubble burst?” helium told Fortune connected Thursday. 

Related: NAV Collapse Creates Rare Opportunity successful Bitcoin Treasurys — 10x Research

Research steadfast 10x Research besides reported connected Saturday that large DATs specified arsenic Metaplanet and Strategy were trading adjacent oregon beneath their NAVs. 

However, this is not each atrocious quality arsenic DATs with beardown superior bases and trading-savvy absorption teams “may inactive make meaningful alpha,” they said. 

Huobi laminitis Li Lin wants immoderate of that alpha and has reportedly raised astir $1 cardinal arsenic portion of a strategy to put successful an Ether treasury.

Gold envy keeping crypto down

Lee told CNBC aft the trading time connected Friday that investors were inactive “licking their wounds” from the grounds leverage flush, but determination was besides a spot of “gold envy” arsenic the commodity has been a “huge performer this year.”

“This is not the apical of the crypto cycle, but leveraged longs successful crypto are adjacent grounds lows, truthful I deliberation [...] we’re astatine the basement and moving our mode backmost up.”

Crypto markets are presently down 15% from their grounds precocious connected October 7, portion gold prices person retreated astir 3% from their highest connected Thursday. 

Tom Lee speaking connected CNBC connected Friday. Source: YouTube

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