Bitmine has acquired $131 million in Ether, its largest purchase since June. The buy came on August 31, with co-founder Tom Lee citing a bullish Q3 crypto outlook as the reason.
The August 31 buy
Bitmine added the Ether on August 31, according to the company. The purchase is the largest since June, when the company last made a significant buy. The size of the purchase suggests Bitmine is increasing its exposure to Ether.
Why Lee is bullish
Lee pointed to a bullish Q3 outlook for crypto. He didn't elaborate on the specific drivers, but the comment ties the purchase to a broader market view. The co-founder's statement suggests the company sees upside in the coming months.
A bigger bet than usual
The $131 million figure stands out because it's the largest Ether purchase Bitmine has made since June. That means the company is willing to put more money into the asset than it has in recent months. The timing also matters: the buy came at the end of August, just before the final stretch of Q3.
Whether Bitmine continues to buy at this pace is an open question. It's unclear if the company will make another purchase of this size. Lee's bullish outlook will be tested as the quarter winds down.
