BitMine accelerates the purchase of Ether, now holding 3% of the total supply of ETH.

Source: PortaldoBitcoin Original Title: BitMine accelerates Ethereum purchase and now holds 3% of the ETH supply Original Link: BitMine purchased 96,798 ETH last week for about US$ 273 million, representing a 39% increase compared to the pace of the previous week. This information was disclosed by chairman Tom Lee, who has been standing out as one of the prominent figures in the industry.

With this new purchase, the company now has 3.73 million ETH tokens, which is the largest treasury of this cryptocurrency in the world. In addition, this amount is 3% of the Ethereum supply in the market and BitMine's internal goal is to raise this number to 5%.

In a press release, Tom Lee cited some reasons why he believes the price of Ethereum will rise. On the technical side, the Fusaka network upgrade is set to occur on Wednesday (3) and promises to improve scalability issues.

From a macroeconomic point of view, the businessman believes that the conditions of the US economy should help. “The Federal Reserve is taking several important measures in December, including the end of QT (quantitative tightening) and is expected to reduce interest rates again on December 10,” he said.

And regarding the specific dynamics of the crypto market, Lee points out that more than seven weeks have passed since the liquidation shock event on October 10. “This means that the crypto market has found its balance again,” he states.

The shares of BitMine fell nearly 25% during the same period, reaching around $33.12 on Monday.