Bitmine buys $52M ETH as Tom Lee says price not yet showing Ethereum’s strength
Bitmine Immersion Technologies bought another $52 million of Ether, adding 26,497 ETH over the past week. Chair Tom Lee said ETH’s price is not yet reflecting Ethereum’s improving fundamentals and called the current market phase “early stages of crypto spring.” Bitmine is now the largest Ether treasury company, holding about 5.4 million ETH worth over $10.5 billion. Its buying pace had recently slowed after weeks of aggressive accumulation. ETH has fallen 4.7% over the past week and has mostly traded around $2,000. Lee said crypto is lagging while other sectors rally, but argued that this often happens near the end of a crypto winter. He maintained that Bitcoin and Ethereum remain strong long-term bets as future money and infrastructure for decentralized identity, verification, and tokenization. Bitmine aims to own 5% of the total ETH supply and expects to reach that target in 2026.
