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Tom Lee’s Bitmine continues acquisition trend with $138 million ETH investment, anticipating recovery in cryptocurrency market.
The Ethereum treasury company overseen by Thomas Lee has intensified its purchasing activities for three weeks in a row, even as unrealized losses continue to rise.
Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (CoinDesk)
Key points:
- Bitmine (BMNR) acquired 65,341 ETH last week, valued at approximately $138 million based on current rates as the firm intensified its crypto acquisition strategy.
- Currently, the firm possesses over 4.66 million tokens, while also boosting its cash reserves to $1.1 billion.
- Chairman Thomas Lee stated that ETH is nearing the final phases of a "mini-crypto winter" and that the broader crypto decline is approaching its conclusion.
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Bitmine Immersion Technologies (BMNR) announced on Monday that it acquired 65,341 ether (ETH) last week, continuing a recent trend of increased purchases as the firm remains committed to the market decline.
This latest purchase, valued at about $138 million at current ETH prices, raised the firm’s overall holdings to over 4.66 million tokens, representing 3.86% of ETH’s circulating supply, as per a Monday update.
Bitmine has now accelerated its purchasing rate for three consecutive weeks, up from a previous average of approximately 50,000 tokens weekly. At the same time, the firm has increased its cash reserves to $1.1 billion.
Chairman Thomas "Tom" Lee indicated that the rise in buying activity reflects the firm’s belief that crypto markets are approaching the end of an extended downturn.
"Our base case is ETH is in the final phases of the ‘mini-crypto winter,’ he stated in a release.
The firm continues to face an estimated $7 billion in unrealized losses on its ether investments, according to DropsTab data, as crypto values have fallen in recent months.
