BitMine Adds 12,535 ETH to Treasury as Tom Lee Cites Macro and Tech Headwinds

BitMine Immersion Technologies said on Monday that it bought 12,535 ETH in the week to October 18, raising its treasury to 6,041,481 tokens, or 4.9% of Ethereum’s 122.1 million supply and below its 5% target. The company valued its combined crypto, cash and equity holdings at $15.1 billion, down from $16.2 billion a week earlier, with Ether marked at $2,365. Chairman Tom Lee attributed weaker risk appetite to AI funding and safety concerns, the US-Iran war, US midterm anxiety and rising bond yields, which he said had sparked AI-stock selling that spread to South Korea and Taiwan and pressured crypto. BitMine’s note also dropped a prior management statement that it was largely finished buying ETH, while its staked holdings remained 5,067,309 ETH.