Bitmine buys $52M ETH as Lee says price doesn't reflect Ethereum strength
In brief
- Bitmine acquired 26,497 ETH worth $52 million in latest purchase
- Company now holds 5.4 million ETH, 90% toward 5% supply target
- Tom Lee: ETH price doesn't reflect Ethereum's improving fundamentals
- Bitmine expects to reach 5% supply target in 2026
Accelerating Toward 5% Target
Bitmine acquired 26,497 ETH over the past week as part of its broader accumulation strategy. The company announced plans to build an Ether treasury in July 2025 and has been steadily increasing its holdings since.
Lee noted the company had slowed its pace earlier this month after acquiring more than 100,000 Ether per week for three consecutive weeks. At the current acquisition rate, the company expects to hit its 5% target goal sometime in 2026.
The timing of Bitmine's purchases comes as Ether has declined 4.7% over the past week and traded between $1,963 and $2,126 during that period.
Lee's Thesis on Ethereum Strength
"Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring," Lee said in a statement.
Lee's bullish stance on Ethereum extends beyond near-term price movements. He argued that the thesis for Bitcoin and Ethereum still holds, that they're likely to be the future of money. He pointed to emerging use cases, noting that as AI systems evolve, decentralized identity and verification become critical infrastructure that crypto can provide.
Bitmine's accumulation strategy reflects confidence in Ethereum's long-term value proposition, even as short-term price action remains volatile.
