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

Group 1 - Bitmine has purchased $421 million worth of Ethereum, increasing its holdings to over $12 billion, representing 3.4% of Ethereum's total supply [1] - The purchase occurs amid a significant decline in the digital asset treasury market, with many companies under pressure to demonstrate their viability [3] - Bitmine's share price has decreased by 50% since September, yet the company's CEO remains optimistic about Ethereum's future [3] Group 2 - Over 200 companies have started adding cryptocurrencies to their treasuries, similar to the strategy adopted by some firms in 2020 [3] - Cathie Wood of ARK Invest recently purchased an additional $17 million in Bitmine shares, indicating continued interest from prominent investors [4] - Other companies, such as Eole and ANAP Holdings, have also increased their Bitcoin holdings, reflecting a trend among digital asset trusts (DATs) [5]