Ethereum news: Tom Lee's Bitmine (BMNR) bought the dip, acquiring 126,971 ETH as prices tanked
Bitmine, the largest Ethereum treasury company, sharply increased ether buying last week, purchasing 126,971 ETH for about $214 million — its biggest weekly buy in 2026. That lifted holdings to 5.54 million ETH, worth about $9.3 billion, plus $247 million in cash and smaller other assets. The company now owns 4.59% of ETH’s supply and is on track to reach its 5% target later this year. Chairman Thomas Lee said the company is buying more because ETH’s price pullback does not match Ethereum’s improving fundamentals. Bitmine stands out as one of the few large crypto treasury firms still adding to holdings while many peers have stopped buying or begun selling amid the sharp market downturn. The strategy has left it with large paper losses as ETH has fallen to a more than one-year low, down about 65% from its August peak. The firm also plans to issue preferred equity paying dividends to raise more capital.
