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BitMine purchased 35,628 ETH last week, valued at around $110 million.
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Tom Lee stated that the crypto market is slated for a 10%-20% drop before a rebound.
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ETH price has slipped below a crucial support level around $3k amid fears of further capitulation.
Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has accelerated its accumulation of Ethereum (ETH). The company acquired 35,628 ETH last week, valued at around $110 million at press time.
The strategic acquisition increased its ETH holdings to 4,203,036 coins, valued at about $13 billion. As such, BitMine now holds 3.48% of the circulating supply of ETH.
BitMine Shareholders Vote to Strengthen ETH Holdings
According to the announcement, BitMine shareholders have voted to strengthen the company’s ETH holding. Furthermore, 52% of 500k BitMine’s shareholders voted to increase the company’s stock to purchase ETH.
“We view the fact that 81% of votes cast favored increasing authorized shares, Proposal 2, as a message from Bitmine stockholders that they understand our accretive ETH accumulation strategy. As we have stated multiple times, we have not, nor intend to, sell shares below mNAV,” Tom Lee stated.
Meanwhile, BitMine has staked about 1,838,003 ETH, which is valued at about $5.9 billion.
Lee Cautions Traders on Midterm Bearish Sentiment
In a recent interview, Lee stated that Ethereum and the wider crypto market are about to capitulate by at least 10% in the near term. Lee cautioned crypto traders to consider the geopolitical implications ahead of the midterm uncertainty caused by the replacement of the Federal Reserve Chair by President Donald Trump.
From a technical analysis standpoint, the ETH/USD pair is likely to retest the support level around $2,680 before rebounding towards a new all-time high. The midterm bearish sentiment for ETH is further fueled by the bipartisan delays on the Clarity Act amid notable demand for Gold and Silver.
