BitMine increased its holdings by 96,798 ETH last week, and Tom Lee is optimistic about the ETH market

BitMine today announced that the total value of its cryptocurrency, cash, and "potential assets" amounts to $12.1 billion. As of 6:30 PM Eastern Time on November 30, BitMine's asset composition includes: 3,726,499 ETH (Ethereum); 192 BTC (Bitcoin); $36 million worth of equity in Eightco Holdings (NASDAQ: ORBS) ("potential assets"); and $882 million in unencumbered cash.

Thomas "Tom" Lee, Chairman of Fundstrat and Chairman of BitMine, stated: "Over the past week, BitMine has increased its holdings by 96,798 ETH tokens. Looking ahead to December, the Fusaka upgrade (also known as Fulu-Osaka) is set to activate on December 3, bringing a range of improvements in scalability, security, and usability. The Federal Reserve will also take several key actions in December, including ending quantitative tightening (QT), and is expected to cut rates again on December 10. Now, more than seven weeks have passed since the liquidation shock event on October 10, indicating that the crypto market has regained its direction. Overall, we believe these factors will create a positive tailwind for ETH prices, and therefore, we have increased our weekly ETH purchase volume by 39%."