Tom Lee's BitMine Buys the Dip Amid 'Superficial' Crypto Selloff, Adding $214M in Ethereum (opens original article in a new tab)

BitMine Immersion Technologies purchased $214 million in Ethereum amid a crypto selloff, citing a 'strengthening case' for the cryptocurrency. The firm's Ethereum treasury now holds 5,543,872 ETH valued at $9.3 billion, with 85% staked to generate annual staking revenues of $230 million.

• BitMine bought 126,971 ETH ($214M) during a crypto selloff.
• Ethereum fell 15% in a week but rebounded 4% in 24 hours.
• BitMine's Ethereum treasury is $9.7B underwater due to price declines.
• The firm plans to launch preferred shares with a 9.5% annual dividend.