BitMine Immersion Technologies — the Nasdaq-listed crypto treasury firm chaired by Tom Lee, co-founder of Fundstrat — has continued its aggressive Ethereum accumulation strategy by acquiring around 40,600 ETH, valued at approximately $83 million in the latest on-chain market purchase, according to blockchain data and market reports.
The significant purchase comes amid a prolonged market downturn for major digital assets, with Ethereum prices trading well below their prior all-time highs. Despite substantial unrealized losses on its Ethereum holdings, BitMine doubled down on accumulation, signaling unwavering confidence in the long-term outlook for the second-largest cryptocurrency.
Details of the Latest Acquisition
- ~40,613 ETH Purchased (~$83 million): According to Decrypt and other industry sources, BitMine Immersion Technologies added roughly 40,613 ETH to its corporate treasury last week, even as the market slumped.
- Strategic Buy-the-Dip Move: The purchase reportedly occurred while Ethereum’s price had retraced significantly, widening the gap between BitMine’s acquisition cost and current market prices, a pattern consistent with the firm’s long-term accumulation strategy.
- Total ETH Holdings Near 4.33 Million: The new acquisition increases BitMine’s ETH position to more than 4.3 million tokens, maintaining its status as one of the largest corporate holders of Ethereum globally.
Tom Lee’s Strategy and Market Position
BitMine’s persistent purchases — including prior purchases of more than 40,000 ETH earlier in January — are part of an “Alchemy of 5%” strategy, where the firm aims to accumulate up to 5 % of Ethereum’s circulating supply over time.
Chairman Tom Lee has publicly defended this long-duration accumulation approach, emphasizing that paper losses across large crypto treasuries are expected during downturns and reflect a multi-cycle view rather than short-term timing. He argues that the strategy is designed to track Ethereum’s performance across complete market cycles rather than chase market tops.
This continued ETH build-up also dovetails with BitMine’s efforts to stake its holdings and generate ongoing yield amid price weakness, even as volatility persists in broader crypto markets.
Market Reaction and Broader Context
BitMine’s acquisitions have drawn attention within the crypto ecosystem — both for their size relative to the market and for what they signal about institutional confidence in Ethereum’s long-term potential. Industry observers note that accumulating during market drawdowns can position large holders advantageously when sentiment shifts and prices recover.
However, the firm’s growing unrealized losses — reportedly in the billions of dollars — underscore the risks inherent in concentrated crypto treasury positions amid extended bear markets.
What’s Next for BitMine
With continued ETH accumulation and a steadfast long-term vision, BitMine’s treasury moves remain a focal point for institutional investors and crypto market analysts alike. The firm’s ongoing strategy suggests a belief that Ethereum’s fundamentals — including network usage, staking yields, and decentralized finance growth — will drive future appreciation despite near-term price pressures.
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