BitMine Immersion Technologies (NYSE:BMNR) surged 9% after acquiring 50,928 Ethereum (CRYPTO: ETH) lifting total holdings to 4.47 million ETH valued at $8.8 billion as Chairman Tom Lee called the pullback “attractive.”

The 50K ETH Purchase

BitMine’s acquisition means the company now owns 3.71% of the total ETH supply, over 74% of the way to its “Alchemy of 5%” target in just eight months.

Lee defended the aggressive accumulation as geopolitical uncertainty rose. “We continue to steadily acquire ETH and optimize the yield on our ETH holdings,” Lee said. “We view this pullback as attractive, given the strengthening fundamentals. 

The price of ETH is not reflective of the high…

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