Ethereum (ETH) recent price has tested investor confidence, but the co-founder of Fundstrat is the Chairman of BitMine. Tom Lee he believes that the market is focusing on short-term prices.
Speaking about his reasons for staying on Ethereum, Lee said that BitMine has deliberately built its business to withstand a long-term downturn. At the same time, the company continues to invest heavily in Ethereum’s long-term development.
If Crypto Winter Comes, We May Get to Spring
Lee explained that BitMine does not depend on the rise The price of ETH shares to survive. In fact, the company has a strong financial position with about $600 million in cash on its books.
“We have been working with a very conservative capital. If the crypto winter comes, we can reach the spring.” He said.
About 80% of BitMine’s Ethereum revenue is at stake, generating more than $250 million a year in premiums. Coupled with several hundred million dollars in free movement, Lee believes the company has sufficient financial strength. Therefore, they think that BitMine can go even in a long bear market.
Investing in Ethereum Price
Instead of just acquiring ETH, Lee said BitMine is actively investing in the Ethereum ecosystem.
The company has already disclosed MrBeast’s and 8Co’s investments. It is also working closely with organizations that came out of the Ethereum Foundation, including ETH Labs. He added that several additional funding announcements are expected soon.
BitMine is also partnering with SharpLink, Joe Lubin, and many other Ethereum core developers to promote public infrastructure, advance business adoption, and expand Ethereum’s role in artificial intelligence applications.
According to Lee, this investment is intended to strengthen the Ethereum ecosystem before the next bull market begins.
Money is becoming software. That’s where Ethereum will shine.
Lee still believes that Ethereum will be one of the foundations of the financial system of the future.
He added that financial services are increasingly becoming technology platforms that can be digital, integrated, and available around the clock. Additionally, as the virtual economy grows and traditional currencies move on-chain, Lee expects Ethereum to play a major role in facilitating this transition.
While admitting that the recent Ethereum price has been “disappointing” and “very disappointing,” Lee said that the long-term move does not change his long-term outlook.
For him, BitMine’s large reserves, stable currency, and Ethereum’s oversupply leave the company with a chance to survive the crypto winter. Also, they believe that BitMine will benefit when the next bull returns.
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