Bitmine Immersion Technologies, the publicly traded company pursuing what it calls the ‘Alchemy of 5%’ of Ethereum's total supply, said its combined crypto and cash holdings have reached $11 billion as it ramps up purchases amid the U.S.-Iran conflict.
Chairman Thomas Lee framed ETH's recent performance as evidence of crypto's resilience during geopolitical turmoil. He noted that ETH has risen 18% since the Iran war commenced, outperforming equities, while gold, a traditional safe-haven asset, has fallen by more than 15%.
"Crypto is demonstrating itself to be a good 'wartime' store of value," Lee said in the company's weekly update.
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