Tom Lee says the mini encryption winter is fading, ETH has reached 77% of its target

Tom Lee, chairman of BitmineImmersion Technologies, said that the mini encryption winter that has affected ETH is coming to an end and the company has maintained a high buying pace in the past three weeks. Lee pointed out that the advancement of the CLARITY bill in Congress and the relative stability of the crypto market amid the turmoil in Iran are positive signs. ETH has risen 18% since the Iran war, outperforming the stock market by 2450 basis points, while gold has fallen more than 15% over the same period. Bitmine purchased another 65,341 ETH units last week, valued at approximately US$139 million, with a total position of more than 4.6 million ETH units, accounting for approximately 3.86% of the total ETH supply in circulation. About 1.4 million ETH units need to be purchased before its 5% target, or about US$2.9 billion at current prices. At present, more than 3 million ETH pieces of the company have been pledged. Bitmine also holds $1.1 billion in cash, 196 BTC, a $200 million investment in Beast Industries and a $95 million investment in Eightco Holdings. According to StrategicEthReserve, Bitmine ranks first among 67 large ETH holding institutions, SharpLinkGaming ranks second with 863,000 ETH, and EtherMachine ranks third with 496,000 ETH.