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BitMine invests $90 million in ETH — Tom Lee indicates crypto sentiment mirrors lows of 2018 and 2022.
The Ethereum treasury firm persists in its acquisition efforts with its most substantial weekly ETH purchase in token terms this year.
Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus, modified by CoinDesk)
What to know:
- BitMine acquired 45,759 ether (ETH) last week, increasing total holdings to 4.37 million tokens.
- The firm currently has 3 million ETH staked, yielding $176M in annualized rewards.
- Chairman Tom Lee mentioned that the prevailing sentiment in crypto markets resembles the lows observed in 2018 and 2022.
BitMine Immersion Technologies (BMNR), the largest Ethereum treasury organization, bought 45,759 ether last week, continuing its buying trend despite the significant drop in crypto values.
This acquisition marks the largest weekly purchase this year in token terms, raising the firm’s total ETH holdings to 4,371,497 tokens, according to a Monday update from the company. This equates to $8.7 billion at current market prices, while the firm is estimated to be facing nearly $8 billion in unrealized losses.
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The firm has also increased its cash reserves to $670 million, along with its modest bitcoin holdings and equity interests, including a $200 million stake in Beast Industries. The total asset value stands at $9.6 billion, while BitMine’s share of ETH’s total supply has risen to 3.62%.
BitMine has now staked over 3 million ETH — approximately 69% of its holdings — which generates $176 million in annualized rewards, as stated by Chairman Tom Lee. The firm’s staking operations currently offer a 2.89% annualized return.
Lee indicated that the sentiment in crypto markets remains low, drawing parallels to the lows of 2018 and 2022. However, he noted that the current situation is distinct in that there have been no significant collapses of major players.
"Investor sentiment and enthusiasm are at a low point, reminiscent of the despondency and disappointment observed at the November 2022 lows and depths of the 2018 crypto winter," he remarked. "Instead, it appears that crypto has remained subdued since the ‘price shock’ and significant deleveraging witnessed on October 10th."
Lee also underscored insights from last week’s Consensus Hong Kong conference, where he pointed to tokenization, artificial intelligence (AI) integrations, and proof-of-humanity infrastructure as long-term growth catalysts for Ethereum.
"The value of ETH does not reflect its high utility and its significance as the future of finance," Lee stated. "Thus, we persist in acquiring ETH even as the crypto market navigates through this ‘mini-winter.’"
Read more: Tom Lee says stop timing the bottom and start buying the dip
