Tom Lee's Bitmine extends buying streak with $138 million ETH purchase, betting on crypto slump ending
The Ethereum treasury firm led by Thomas Lee now has increased its buying pace for three consecutive weeks even as unrealized losses mount.
By Krisztian Sandor|Edited by Stephen Alpher Mar 23, 2026, 12:57 p.m.
Make us preferred on Google
What to know:
- Bitmine (BMNR) bought 65,341 ETH last week worth about $138 million at current prices as the firm doubled down on its crypto purchase strategy.
- The firm now holds more than 4.66 million tokens, while it also increased its cash reserves to $1.1 billion.
- Chairman Thomas Lee said ETH is in the final stages of a "mini-crypto winter" and that the broader crypto slump is nearing an end.
Bitmine Immersion Technologies (BMNR) said Monday it bought 65,341 ether (ETH) last week, extending a recent surge in purchases as the firm continues to lean into the market downturn.
The latest acquisition, worth roughly $138 million at current ETH prices, lifted the firm's total holdings above 4.66 million tokens, cornering 3.86% of ETH's circulating supply, according to a Monday update.
Bitmine has now increased its pace of buying for three consecutive weeks, stepping up from a prior average of around 50,000 tokens per week. Meanwhile, the firm also increased its cash holdings to $1.1 billion.
Chairman Thomas "Tom" Lee said the increase in buying pace reflects the firm’s view that crypto markets are nearing the end of a prolonged slump.
"Our base case is ETH is in the final stages of the 'mini-crypto winter,' he said in a statement.
The firm is still sitting on an estimated $7 billion unrealized loss on its ether purchases, DropsTab data shows, as crypto prices tumbled over the past months.
Ethereum NewsMore For You
The genius and the danger of STRC: How Strategy’s new funding model bends so it doesn't break
By Francisco Rodrigues|Edited by Aoyon Ashraf21 hours ago
Strategy's STRC has bitcoin a major bitcoin accumulation tool, but analysts warn the risks aren't as clear as the marketing makes them out to be.
What to know:
- Strategy’s STRC preferred stock has become a major engine for bitcoin accumulation by targeting a steady $100 share price through a variable dividend, enabling multi-billion-dollar issuance and institutional adoption.
- Analysts warn that the key risks lie not in dividend coverage but in governance and subordination, as the company can cut payouts and let dividends accrue without default, shifting stress from the issuer to investors.
- The structure’s success depends on strong bitcoin prices and open capital markets, and a prolonged downturn could break the $100 anchor, push STRC below par and leave investors bearing losses on what many treated as a near-cash, high-yield product.
H100 eyes Europe’s largest bitcoin treasury with 3,500 BTC in proposed acquistions
24 minutes ago
Strategy returns to 'small' bitcoin purchases, adding $76.6 million in BTC last week
38 minutes ago
Brazil’s finance minister delays divisive crypto tax plan
1 hour ago
Bitcoin surges above $71,000 as Trump postpones Iran strikes for 5 days
1 hour ago
Polymarket traders bet on Iran ceasefire even as oil shock concerns persist
1 hour ago
Bitcoin retreats to $68,000, leaving CME gap as traders eye $70,000 rebound
2 hours agoTop Stories
Bitcoin clings to monthly gains, historic losing streak still in play
2 hours ago
South Korea crypto liquidity tumbles as stablecoin balances plunge 55% and stock buying rises
8 hours ago
Oil, silver trading is way more popular than XRP, solana on Hyperliquid
6 hours ago
