BitMine increased its holdings by 138,452 ETH last week, and Tom Lee is optimistic about Ethereum strengthening in the coming months

BitMine today announced that the total value of its held cryptocurrencies, cash, and "potential assets" has reached $13.2 billion. As of 4 PM Eastern Time on December 7, the company's asset composition includes: 3,864,951 ETH (Ethereum), 193 BTC (Bitcoin), equity in Eightco Holdings (NASDAQ: ORBS) valued at $36 million, and a total cash amount of $1 billion.

Thomas "Tom" Lee, Chairman of Fundstrat and BitMine, stated: "In the past week, BitMine has increased its holdings by 138,452 ETH tokens. This represents a 156% increase compared to the average weekly increase four weeks ago, which is significant. Our accelerated buying reflects our confidence: under multiple catalysts, the price of ETH is expected to strengthen in the coming months. The Fusaka upgrade (also known as Fulu-Osaka) was activated on December 3, bringing a series of improvements in scalability, security, and usability. The Federal Reserve is taking several key actions in December, including ending quantitative tightening, and is expected to cut rates again on December 10. It has been over eight weeks since the clearing shock event on October 10, a period sufficient for crypto assets to trade based on future fundamentals again."