Bitmine buys $84 million in ETH as Tom Lee calls market pullback 'attractive' entry point: onchain data
Quick Take
- Tom Lee’s Bitmine bought 40,000 ETH from FalconX and BitGo, according to onchain data.
- Bitmine accumulated over 4.3 million ETH, its latest official statement shows.
- Lee recently said that the company’s large unrealized losses are an expected part of its Ethereum treasury strategy during market downturns.
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BitMine Immersion Technologies added $83.6 million worth of ETH on Monday, strengthening its bet on the future of Ethereum.
According to data from Arkham Intelligence, the Ethereum treasury company acquired 20,000 ETH from FalconX at around 12:40 p.m. on Monday. Onchain analytics provider Lookonchain also reported that the company bought another 20,000 ETH from BitGo within a similar timeframe. Ether was trading at roughly $2,090 at the time, The Block's price data shows.
Monday's purchase added to Bitmine's holdings of 4,325,738 ETH ($9.14 billion) recorded at the end of last week. The company reported earlier on Monday that it had purchased 40,613 ETH in the week ended Feb. 8, bringing it to 72% of its target to acquire 5% of Ethereum's circulating supply.
Bitmine has maintained its ether acquisition strategy despite the ongoing market downturn, with ETH currently trading about 57% below its August 2025 all-time high of $4,946. Executive Chairman Tom Lee pointed out that Ethereum's network utility reached record levels despite the price decline.
The company is also staking roughly 67% of its total ETH holdings, which produces $202 million in annualized revenue, according to its Monday statement.
"The best investment opportunities in crypto have presented themselves after declines," Lee said in the statement. "BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."
Last week, Lee addressed concerns regarding the company's large unrealized losses, saying they are an expected part of an Ethereum treasury strategy during market downturns. He added that Bitmine will eventually outperform the market cycle, and reiterated his conviction that Ethereum represents the future of finance.
Bitmine's BMNR closed up 4.79% on Monday at $21.45, according to The Block's price page. It is down 28.64% over the past month.
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