BitMine Immersion, with the largest Ethereum treasury of any publicly traded firm, purchased over 200,000 ETH last week, bringing its total holdings to 3.2 million coins valued at $13 billion. The NYSE-listed company’s stock rose nearly 9% on Monday morning, holding an average of $4,022 per coin.

The firm also owns 192 Bitcoins worth $21.3 million. Despite recent market volatility, ETH is currently priced at around $4,038 per coin, rebounding from a low of $3,709 last week. BitMine Chairman Tom Lee attributed the price drop to a broader crypto market decline.

In a Myriad market survey, nearly 60% of respondents believe ETH will reach $5,000 before gold does. Crypto markets experienced a significant downturn after President Trump announced new trade tariffs on China, resulting in over $19 billion in leveraged crypto futures liquidations. Although Bitcoin and Ethereum have recovered slightly, they remain below their all-time highs.

BitMine’s ETH buying strategy, spearheaded by Tom Lee, aims to acquire 5% of the total ETH supply, offering investors exposure to the token without directly holding it. Lee has expressed optimism in Ethereum, citing institutional investor interest and the network’s utility for stablecoin transactions. Spot Ethereum ETFs have attracted over $14.6 billion in investments, signaling growing interest in the digital coin.

Read more at Yahoo Finance: Tom Lee’s BitMine Shares Pump After Buying the Ethereum Dip