Tom Lee's BitMine Immersion Technology (BMNR) has now climbed to second spot on the list of the biggest cryptocurrency treasury companies.
According to data provided by Arkham Intelligence, it now holds a staggering $6.6 billion worth of Ethereum (ETH). In fact, it now controls close to 1.3% of the altcoin's entire circulating supply.
Ethereum's Saylor
Lee, who used to be JPMorgan's chief equity strategist, co-founded Fundstrat Global Advisors in 2014. He gained prominence back in 2017 by becoming one of the first Wall Street analysts to openly back Bitcoin.
The famed "permabull" had frequent TV appearances, during which he would make ridiculously bullish predictions in 2017 and early 2018 that backfired during the brutal cryptocurrency bear market that ensued shortly after.
After briefly pausing his Bitcoin price predictions, Lee then continued making frequent appearances on CNBC with bullish cryptocurrency calls. As reported by U.Today, Lee predicted that Bitcoin could soar to $250,000 this year.
In June, however, Lee went from making permabullish predictions to spearheading a bold Ethereum treasury play. In June, it was announced that he had become the chairman of Bitmine, which used to specialize in providing immersive cooling solutions.
Within a short span of time, Bitmine managed to attract some heavyweight investors, such as Peter Thiel, Bill Miller, and Cathie Wood.
Earlier this month, Bitmine unveiled that it intended ot secure an additional $20 billion for future Ethereum (ETH) buys.
Is Saylor's crown safe?
Despite surpassing some of the biggest Bitcoin treasury companies, Lee's Bitmine is still miles away from Saylor.
Strategy currently holds a whopping 629,376 Bitcoins that are worth a whopping $73.24 billion at current prices.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team