Bitmine Immersion Technologies, the Ethereum treasury company chaired by the Fundstrat co-founder Tom Lee, said in a June 8 press release that it now holds 5.54 million ETH, 204 Bitcoin, $247 million in cash and two equity "moonshot" stakes, bringing total crypto, cash and related holdings to $9.6 billion.
Tom Lee used the update to push back against the market reaction after Zcash disclosed and patched a flaw in its Orchard implementation, which could have allowed unlimited stealth ZEC minting.
"The broad selloff in crypto, in our view, is a superficial take," Lee said, arguing that the Zcash scare doesn't weaken the case for all crypto. Instead, he said it separates weaker systems from stronger public blockchains.
Tom Lee
The comments came as BitMine said it bought another 126,971 ETH over the past week, with Lee saying the company stepped up purchases because the pullback "does not reflect the strengthening of Ethereum fundamentals."
- The company is still chasing what it calls the "alchemy of 5%," its goal of owning 5% of Ethereum's supply. After the latest update, Bitmine is at 4.59%.
- Following the latest purchase, BitMine stock (BMNR) rose 4.91% in pre-market trading to $16.68, per Google Finance.
More context: Tom Lee's Bitmine nears 90% of its plan to buy 5% of all ETH