BitMine Immersion Technologies — the Nasdaq-listed crypto treasury firm led by Fundstrat co-founder Tom Lee — purchased 35,000 Ether (ETH) in a single day across multiple transactions totaling about $69.37 million, according to on-chain data tracked by analytics platforms. The acquisition underscores BitMine’s continued commitment to amassing a significant Ethereum treasury even as market sentiment remains weak.
Details of the One-Day Purchase
- Transactions Monitored: On-chain activity tracked by Lookonchain shows that BitMine bought 20,000 ETH (~$39.8 million) from custodial provider BitGo and 15,000 ETH (~$29.57 million) from prime brokerage FalconX over an approx. 11-hour window.
- Total Volume: The combined purchases reached 35,000 ETH, valued at approximately $69.37 million at prevailing market prices.
The move adds to BitMine’s broader accumulation strategy, which has seen the firm steadily increase its holdings of Ethereum over recent months as part of its long-term treasury plan.
Strategic Accumulation Amid Market Weakness
Despite the broader cryptocurrency market’s subdued performance and fluctuating prices, BitMine continues to pursue aggressive accumulation of Ethereum — viewed by Chairman Tom Lee and other executives as a foundational long-term asset due to its decentralization, utility in decentralized finance, and staking yield potential. This approach mirrors earlier substantial ETH buys by BitMine, including large weekly purchases that contributed to its total holdings of over 4 million ETH valued in the billions.
The company’s accumulation strategy — sometimes referred to internally as the “Alchemy of 5 %” — aims to build ownership of up to 5 % of the total circulating ETH supply over time, positioning BitMine among the largest institutional holders of Ethereum globally.
Remaining dedicated to this long-term thesis, BitMine’s repeated buys also reflect a belief that lower price levels represent attractive entry points during periods of weak sentiment — a strategy some analysts view as “buy the dip” investment behavior rather than short-term trading.
Industry Implications
Large, institutional-style purchases such as this can influence market perception, suggesting confidence from a major crypto treasury operator even as retail participation softens. With BitMine’s aggregate Ethereum holdings exceeding 4 million ETH — amounting to a significant slice of total network supply — the firm’s ongoing accumulation trajectory continues to attract attention from investors tracking major treasury flows and on-chain signals.
