Tom Lee, chairman of BitMine Immersion Technologies, expects institutions to buy crypto after a strong third quarter. The company holds 5.9 million Ethereum tokens far below their purchase cost, with unrealized losses of approximately $5 billion according to CryptoQuant. ETH has been the best-performing macro asset this quarter, outpacing the S&P 500 by 5,430 basis points, and has gained 29.7% over the past month. BitMine acquired 28,086 ETH last week and has staked over 85% of its holdings, generating roughly $330 million in annualized revenue. Lee believes this performance sets the stage for institutions to add to their crypto holdings.
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