BitMine Immersion Technologies just announced that it acquired 45,759 ETH, a transaction valued at just over $90 million, in its largest weekly purchase of Ethereum this year, the company reported. The acquisition brought BitMine’s Ethereum treasury to approximately 4.37 million tokens, part of combined cryptocurrency and cash reserves of around $9.6 billion.
The purchase occurs in the midst of a deep bear market and a climate of great tension amid investors. Is a big rebound coming in the short term?
Tom Lee, president of the company, made an interesting statement indicating a treasury-level conviction in the long-term utility of Ethereum, even as the company reports large unrealized losses. Let’s look at the purchase and Lee’s statement.
BitMine continues to accumulate Ethereum
As we mentioned before, BitMine added 45,759 ETH, bringing its total holdings to approximately 4.37 million ETH, currently valued at around $8.7 billion, according to the company. Being the main institutional holder of the second largest cryptocurrency on the market.
Despite the purchase, BitMine recognized substantial unrealized losses on its holdings, estimated in the range of $7.9 billion to $8 billion. Despite those losses on paper, the company described the recent market pullback as an attractive accumulation opportunity and continued to expand its position.
What did Tom Lee say about the current crypto market?
Chairman Tom Lee framed the purchase within a broader market perspective. He said investor sentiment was “at rock bottom,” recalling the discouragement seen at the November 2022 lows and the depths of the 2018 crypto winter, but added that the current episode differs from 2022 because there have been no repeat major failures of high-profile companies.
Lee attributed the recent weakness to a “price shock” and “massive deleveraging” that began around Oct. 10, describing the phase as a “mini-winter.” I have argued that the market environment presents a buying window given what I have called strengthening Ethereum fundamentals.
“In our opinion, the ETH price does not reflect the high utility of ETH and its role as the future of finance,” Lee said, summarizing BitMine’s rationale for continued accumulation.
Lee expects 2026 to be a breakthrough year for Ethereum, pointing to several drivers of demand: tokenization and Wall Street adoption, privacy solutions on Ethereum, integration of AI and AI agents for payments and verification, and growing use of “proof of human” standards in Layer 2 networks.
Lee’s statements then suggest that we are facing a short-term bear market. This being, in his own words, a great opportunity for buyers with a long-term vision.
