BitMine accumulated over 138,000 ETH last week, Tom Lee optimistic about Ethereum strengthening in the coming months

ChainCatcher News, according to PR Newswire, BitMine announced today that the total value of its cryptocurrencies, cash holdings, and "potential assets" has reached $13.2 billions. As of 4:00 p.m. Eastern Time on December 7, the company's assets include: 3,864,951 ETH (Ethereum), 193 BTC (Bitcoin), $36 millions worth of Eightco Holdings (NASDAQ: ORBS) equity, and $1 billions in total cash.

Fundstrat Chairman and BitMine Chairman Thomas "Tom" Lee stated: "In the past week, BitMine has increased its holdings by 138,452 ETH tokens. Compared to the average weekly increase four weeks ago, this growth is 156%, which is significant. Our accelerated buying reflects our confidence that, under multiple catalysts, the price of ETH will strengthen in the coming months. The Fusaka upgrade (also known as Fulu-Osaka) was activated on December 3, bringing a series of improvements in scalability, security, and usability.

The Federal Reserve is taking several key actions in December, including ending quantitative tightening and is expected to cut rates again on December 10. It has now been more than eight weeks since the liquidation shock event on October 10, which is enough time for crypto assets to start trading again based on future fundamentals.