Bitmine Buys 71,672 ETH, But Tom Lee Says Oil Is The 'The Biggest Headwind' - BitMine Immersion (NYSE:BMN

BitMine Immersion Technologies Inc. (NASDAQ:BMNR) purchased 71,672 Ethereum (CRYPTO: ETH) worth $157 million last week, while Tom Lee identified surging oil prices as culprit for ETH’s weakness below $2,200.

Tom Lee Buys The Dip Below $2,200

Bitmine’s purchase was a sharp increase from the previous week’s 26,000 token haul. The size was notable as Lee recently said the company would slow ETH purchases.

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” Lee stated. The latest purchase lifted Bitmine’s holdings to almost 5.28 million ETH, or about 4.37% of Ethereum’s circulating supply.

The firm’s total crypto and cash holdings now stand at $12.6 billion, including 202 Bitcoin (CRYPTO: BTC), $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings.