Bitmine Chair Tom Lee says “the best days for crypto are ahead” as the firm tops up its treasury with another $300 million worth of Ethereum.
The fresh haul brings the crypto treasury firm’s total holdings of the second-biggest token to $12 billion.
Lee said “positive developments in digital assets” such as favourable regulations, new US crypto laws and Wall Street’s adoption of crypto will fuel the sector’s growth.
“These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate Ethereum towards our ‘alchemy of 5%’ target,” he said.
Backed by marquee investors including Peter Thiel’s Founders Fund and Cathie Wood’s ARK Invest, Bitmine currently owns more than 3.2% of Ethereum’s supply.
The haul follows a $435 million purchase earlier in December. Lee cited Fusaka, a major upgrade to the Ethereum network that boosted scalability and usability rolled out on December 3, as another key reason for buying.
To be sure, Bitmine’s stock price is down about 30% from its highs this month and trading at $31 per share. It is not the only digital asset treasury to be down. DAT pioneer Strategy is down some 63% since July.
Ethereum is trading at just above $2,900 at time of reporting, down some 40% from its all-time high set in August, against the backdrop of a $1.4 trillion crypto market drawdown.
Meanwhile, some whales are offloading. The Lookonchain wallet tracking account has flagged over $100 million in selling this week.
JPM picks Ethereum
Bitmine’s announcement comes the same day JP Morgan’s asset management division debuted its first-ever tokenised money market fund built on Ethereum.
The $4.6 trillion bank’s My OnChain Net Yield Fund — MONY — invests in US Treasury securities and allows qualified investors to hold the token on the Ethereum blockchain to earn yield.
MONY “offers daily dividend reinvestment and investors will be able to subscribe and redeem using cash or stablecoins,” the firm said.
George Gatch, chief executive of JP Morgan Asset Management, said that “by harnessing technology alongside our deep expertise in active management, we’re able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals.”
Market watchers took notice.
“JP Morgan launches its first tokenised money market fund,” Nate Geraci, co-founder of the ETF Institute said on X.
“And seeding it with $100 million. Using Ethereum blockchain. See where this is all heading yet?
