Bitmine adds 54,156 ETH in past week for $169M

Nasdaq-listed Bitmine, a company focused on Ethereum investments, purchased an additional 54,156 ETH last week for $169 million, Onchain Lens reported. The company now holds a total of 3,559,879 ETH, valued at $11.1 billion, which accounts for 2.9% of the circulating supply. Bitmine Chairman Tom Lee stated that the current market weakness may be related to liquidity issues among market makers. He predicted that the peak of this cycle will be reached in 12 to 36 months, adding that ETH's long-term fundamentals remain solid due to the Fusaka upgrade, stablecoin growth, and the increasing on-chaining of assets.