Ethereum Hits 2-Week Low—And Tom Lee's BitMine Just Added to Its $8.4 Billion Stash
BitMine Immersion Technologies, a publicly traded Ethereum treasury, recently acquired an additional 51,162 ETH (about $98 million) despite a continued decline in Ethereum’s price, which dropped 4.1% over the past week to around $1,905, reaching a low of $1,855. The company now holds 4,422,659 ETH, valued at approximately $8.4 billion, representing 3.66% of Ethereum’s circulating supply. Despite these holdings, BitMine faces unrealized losses exceeding $8.1 billion. Chairman Tom Lee emphasized the firm’s commitment to steadily acquiring ETH and optimizing yield, expressing long-term optimism about Ethereum’s integration with traditional finance, AI applications, and human verification systems. Lee maintains that a market bottom for ETH has occurred, expecting significant developments by 2026. However, Ethereum’s price remains over 61% below its all-time high, and BitMine’s shares (BMNR) have dropped nearly 32% this month and over 63% in six months, erasing most gains since adopting its digital asset treasury strategy in July.
