Tom Lee's BitMine Buys $52 Million in Ethereum as Strategy Sells Bitcoin
BitMine Immersion Technologies added 26,497 ETH last week, spending about $52 million, even as Ether fell below $2,000 for the first time since late March. Chairman Tom Lee said ETH prices are not reflecting improving Ethereum fundamentals. The purchase was smaller than the prior week’s nearly 112,000 ETH buy, as BitMine has said it may slow accumulation while pursuing a 5% supply target. BitMine now holds 5,416,901 ETH, about 4.48% of circulating supply, plus $446 million in cash and 203 BTC. Its shares fell about 1.3% on Monday and are down sharply over the past six months. Ethereum is down nearly 15% in the past month and over 60% from its August peak. Meanwhile, Strategy sold about $2.5 million of BTC for the first time since 2022, pressuring Bitcoin and Strategy shares.
