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Bulls Double Down: ETH Strategy Defies Losses
20 Dec
Summary
- BitMine's stock has fallen sharply, declining approximately 24% in five days.
- Influential buyers, including Tom Lee and Ark Invest, are increasing their ETH holdings.
- Tom Lee recently acquired $140 million worth of Ethereum amidst market pressure.
BitMine's aggressive Ethereum treasury strategy is under intense scrutiny as market pressure mounts and investor sentiment wanes. The company's stock has experienced a sharp decline, closing recently at $29.32, down 6.59% for the day and approximately 24% over the past five days. This downturn reflects broader market weakness and significant unrealized losses on its Ethereum holdings.
Amidst growing concerns about downside exposure, prominent crypto bulls are reinforcing their commitment to Ethereum. On-chain data revealed that BitMine Chairman Tom Lee recently acquired an additional $140 million worth of ETH. This acquisition, executed through fresh wallets and mirroring prior purchase patterns, underscores Lee's continued belief in Ethereum's undervaluation.
Ark Invest, led by Cathie Wood, also signaled strong conviction by purchasing $10.56 million worth of BitMine shares on Wednesday, adding to earlier investments this week. These actions highlight a divergence in opinion regarding Ethereum's future role in institutional treasury management, with some investors doubling down despite current market volatility.
