Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto

Bitmine Immersion Technologies has accumulated nearly 6 million ETH, representing 4.9% of the total supply. The company recently purchased approximately $74 million to $75 million in Ethereum, continuing a weekly buying streak since June 30. This $16.1 billion stash is nearly at Chairman Tom Lee's Alchemy of 5% target. Lee asserts that a crypto bull market is underway and argues that institutions remain underweight, while Ethereum's outperformance indicates a stronger move ahead for the market.