BitMine Doubles Down on Ether With $70M Buying Spree Despite Market Slump

BitMine Immersion Technologies has loaded up on Ether during the latest market downturn, adding nearly $70 million worth of ETH in just three days.

Key Takeaways:

• BitMine bought nearly $70 million worth of ETH in three days, doubling down during the market pullback.
• The firm now holds about 3.7 million ETH and says it is over 60% toward a long-term goal of owning 5% of supply.
• Chairman Tom Lee believes Ether is entering a Bitcoin-style growth cycle despite short-term losses.

Blockchain data shared by Lookonchain shows the company bought 7,080 Ether for about $19.8 million on Monday, following a separate purchase of 16,693 ETH for roughly $50.1 million over the weekend.

The buying continues an aggressive accumulation strategy that has seen the firm build one of the largest corporate ETH stockpiles in the market.

BitMine Bet on Ether Deepens Despite Paper Losses

BitMine positions itself as the biggest Ether-focused digital-asset treasury by a wide margin, according to industry trackers.

The company says it now holds around 3.7 million ETH at an average cost of $3,008 per token, leaving it underwater at current prices.

Even so, management has not slowed purchases. The firm claims it is roughly 62% of the way toward a longer-term target of controlling 5% of the total Ether supply.

Last month, Tom Lee, executive chair of BitMine, said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.

Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.

Lee noted that his firm first recommended Bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000.

Since then, Bitcoin suffered several drawdowns of up to 75%, yet still surged more than 100-fold from that initial call.

“We believe ETH is embarking on that same Supercycle,” he wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.

“To have gained from that 100x Supercycle, one had to stomach existential moments to HODL.”

ETH has trailed Bitcoin for much of 2025, even as the market reached new record highs. Ether notched its all-time high of $4,946 in August, while Bitcoin topped out above $126,000 in October.

BitMine Names New CEO

BitMine has also appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.

Last month, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect immediately.

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.

Alongside the leadership change, BitMine appointed three new independent board members.

As repored, Ethereum whales have significantly increased their exposure as ETH hovers near $3,000, a trend analysts say has historically preceded major market reversals.

CryptoQuant data shows wallets holding between 10,000 and 100,000 ETH have accumulated 7.6 million ETH since April, a 52% jump, while smaller holders continue to trim their balances.

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