BlockBeats News, December 8th, BitMine announced today that its holdings of cryptocurrency, cash, and “potential assets” have reached a total value of $13.2 billion. As of 4 p.m. Eastern Time on December 7th, the company’s asset composition includes:
· 3,864,951 ETH (Ethereum);
· 193 BTC (Bitcoin);
· $36 million worth of Eightco Holdings (NASDAQ: ORBS) equity;
· and a total cash amount of $1 billion.
Thomas “Tom” Lee, Chairman of Fundstrat and BitMine, said: “In the past week, BitMine has increased its holdings by 138,452 ETH tokens. Compared to the 54,156 tokens held on a weekly average four weeks ago (week of November 17), this growth of 156% is significant. Our accelerated buying action reflects our confidence that, under the influence of multiple catalysts, the price of ETH will strengthen in the coming months. The Fusaka upgrade (also known as Fulu-Osaka) was activated on December 3rd, bringing a series of improvements in scalability, security, and usability. The Federal Reserve has taken several key actions in December, including ending quantitative tightening and is expected to cut interest rates again on December 10th. It has been over eight weeks since the liquidity shock event of October 10th, a period long enough for crypto assets to trade based on future fundamentals.”
