Tom Lee's BitMine Buys $1.1 Billion in Ethereum and Sells Stock, Shares Fall 10%

Nasdaq-listed Bitcoin miner BitMine Immersion bought more Ethereum last week, bringing its total holdings to 2.42 million ETH after its biggest buy so far in September. But its stock price is down on the day, following both the ETH purchase announcement and a new share sale. The firm, which pivoted in May from Bitcoin mining to raising money to buy ETH, now holds over $10 billion in the second-largest digital coin by market cap—or 2% of the total supply. BitMine holds the largest Ethereum treasury of any pu ...