TLDR
- BitMine purchased 379,271 ETH worth nearly $1.5B after the market crash.
- The firm now holds over 3 million ETH, equal to 2.5% of total supply.
- Tom Lee warns DATs trade below NAV but stays bullish on Ethereum.
- Crypto markets remain 15% below October highs as BitMine keeps buying.
BitMine Immersion Technologies has continued its aggressive Ethereum acquisition strategy, adding $1.5 billion worth of Ether following the recent market crash. The purchases come as Fundstrat’s Tom Lee warns that the digital asset treasury (DAT) sector may be showing signs of a bubble burst. Despite these concerns, both BitMine and Lee remain optimistic about Ethereum’s long-term strength.
Massive Ether Accumulation After Market Crash
BitMine purchased a total of 379,271 Ether across three separate transactions in the past week, according to on-chain data from Arkham Intelligence and monitoring group “BMNR Bullz.” The first transaction involved 202,037 ETH following last weekend’s sharp market decline, followed by 104,336 ETH on Thursday and 72,898 ETH on Saturday.
The combined value of these purchases stands at nearly $1.5 billion, based on current market prices. BitMine has yet to officially confirm the acquisitions, but blockchain data indicates consistent buying activity from addresses linked to the company. The recent accumulation follows the largest crypto market liquidation event this year, which wiped out billions in leveraged positions across major assets.
BitMine’s Expanding Ethereum Holdings
With these latest acquisitions, BitMine now holds more than 3 million Ether, accounting for about 2.5% of the total Ethereum supply. The firm’s current holdings are estimated at $11.7 billion, making it the world’s largest Ether treasury company. BitMine aims to secure 5% of the total Ether supply and began its accumulation strategy in early July when the token traded near $2,500.
The company’s aggressive approach reflects growing institutional interest in Ethereum, even amid volatility. Analysts note that BitMine’s buying behavior may signal confidence in the asset’s future as a cornerstone of digital finance and blockchain infrastructure. Ethereum’s role in decentralized applications and tokenization continues to attract corporate investors seeking exposure beyond Bitcoin.
Tom Lee’s View on the DAT Market
Tom Lee, co-founder of Fundstrat Global Advisors, said this week that the digital asset treasury boom might be cooling down. “Many DATs are trading below their net asset value. If that’s not a bubble burst, then what is?” he told Fortune on Thursday. Despite this assessment, Lee remains positive about Ethereum’s potential.
Speaking to ARK Invest CEO Cathie Wood, Lee compared Ethereum’s possible rise to how equities overtook gold after 1971. He believes Ethereum could eventually “flip Bitcoin” in market dominance, citing its expanding ecosystem and diverse use cases. His comments came after a period of sharp market correction, which reduced overall crypto market capitalization by about 15% from its recent peak.
Market Outlook and Investor Sentiment
Research firm 10x Research reported that several major digital asset treasuries, including Metaplanet and Strategy, are now trading near or below their NAV. The firm noted that those with strong capital reserves and experienced management teams could still perform well in volatile conditions. Huobi founder Li Lin reportedly raised $1 billion to create a dedicated Ether treasury, reflecting continued institutional demand despite broader market uncertainty.
Lee added that some investors are still recovering from recent losses, noting that “leveraged longs in crypto are near record lows.” He also said that “this is not the top of the crypto cycle,” suggesting that the current phase could represent a market bottom.
As of this week, crypto markets remain around 15% below their October 7 highs, while gold has declined 3% from its peak. Despite these movements, BitMine’s latest acquisitions show ongoing confidence in Ethereum’s resilience and its position as a leading digital asset.
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