Tom Lee: The market pullback is an "extremely attractive" entry point, and BitMine has spent $84 million to purchase Ethereum this week
According to market news, BitMine purchased a total of 40,000 ETH from FalconX and BitGo on Monday, worth $84 million, at a trading price of approximately $2,090.As of last weekend, BitMine held 4,325,738 ETH, with a total value of $914 million. The company has currently achieved 72% of its goal to acquire 5% of the circulating supply of Ethereum. Additionally, BitMine has staked about 67% of its ETH holdings, generating an annual income of $202 million.Tom Lee stated that the best investment opportunities in cryptocurrency often arise after a decline. Given the strengthening fundamentals of Ethereum, this market correction presents an attractive entry point, and the current ETH price does not reflect its high utility as a core of future finance.Regarding BitMine's significant unrealized losses, Tom Lee pointed out that this is an expected component of the Ethereum treasury strategy during market downturns, as the company aims to achieve excess returns through a complete market cycle.