Why Tom Lee just bought $421m Ethereum despite the tanking market

Tom Lee’s Bitmine just bought $421 million worth of Ethereum despite the cryptocurrency trading 40% below its all-time high. The company’s new haul lifts its Ethereum holdings past the $12 billion mark, with Bitmine saying it now owns 3.4% of the cryptocurrency’s total supply. “This is a tremendous milestone,” Lee said. The purchase comes as traditional financial institutions are aggressively adopting blockchain technology amid greater regulatory clarity worldwide. However, Lee’s latest addition to Bi ...