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BitMine Immersion Technologies Chairman Tom Lee said Ethereum has bottomed—and his firm is aggressively buying as a result.

BitMine has boosted its Ethereum holdings this month, diverging from ETF outflows and rising exchange deposits.

Ethereum is up nearly 11% on the week, and top ETH treasury firm BitMine is still adding to its $12 billion stash.

BitMine bought nearly $200 million worth of Ethereum in the last two days, widening its lead as the largest single holder of ETH.

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