- Bitmine purchased over $91 million worth of Ethereum despite rock-bottom market sentiment.
- Its chairman, Tom Lee, claimed they will continue stacking ETH regardless of its price.
Bitmine Immersion Technology (BMNR) continues stacking up on Ethereum (ETH) amid record-low market sentiment. Instead of panicking, it views the ongoing price dip as a buying opportunity, reinforcing its position as the second-largest digital asset treasury (DAT) company in the world, behind only Strategy (formerly MicroStrategy).
Bitmine’s New Ethereum Purchase
On Tuesday, Bitmine announced acquiring 45,759 ETH last week. It never mentioned the rate at which it bought the asset, but its press release indicated that the token was trading at $1,998 per ETH at the time of the disclosure. This puts its latest purchase at approximately $91.43 million. It’s worth noting that Ethereum swung between $1,900 and $2,100 during the past seven days.
The move brings Bitmine’s digital asset holdings to 4.371 million ETH, worth $8.733 billion. The figures account for 3.62% of Ethereum’s circulating supply of 120.7 million ETH.
Additionally, the company maintains 193 Bitcoin (BTC) valued at $12.96 million at prevailing rates. Alongside these are a $200 million stake in Beast Industries, a $17 million stake in Eightco Holdings (ORBS), and a total cash reserve of $670 million.
Tom Lee’s Conviction in ETH
Tom Lee, Chairman of Bitmine, is optimistic amid Ethereum’s deep drawdowns, as it remains between $1,941.78 and $2,008 over the last 24 hours. He believes 2026 “will be a defining year for Ethereum.”
Notwithstanding its current token valuation, Lee highlighted that Ether’s potential lies in its utility. He considers the following as key drivers for its charge this year:
- Tokenization of Wall Street assets on the chain
- Artificial intelligence (AI) and AI-agents building on top of the network
- Creators leaning on the chain to build “Proof of Humanity” solutions
Sentiment at ‘Rock Bottom’
Lee noted that investor sentiment is at “rock bottom,” reminiscent of the trend in November 2022, in the aftermath of the FTX collapse, and of the speculative bubble burst in 2018. He explained that the market is still reeling from the “price shock” and massive deleveraging on October 10 last year.
The chairman conceded that Bitmine cannot control Ethereum. Nonetheless, it will continue to buy the asset regardless of the price trend, as its strategy is grounded in long-term fundamentals.
Echoing his previous statement, Lee sees the ongoing pullback in Ethereum price as “attractive.” Furthermore, he emphasized that ETH’s current value does not reflect its high utility and its role as the future of finance.
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