Tom Lee’s BitMine Nears Major Milestone With Largest Ethereum Buy This Year

Publicly traded Ethereum treasury firm BitMine Immersion Technologies made its largest weekly purchase since December, adding 101,627 ETH valued around $235 million, putting the firm on the brink of topping the 5 million ETH milestone.

The haul pushes the firm’s total holdings to 4,976,485 ETH worth more than $11.5 billion. It also holds 199 Bitcoin, or around $15 million worth, and $1.12 billion in cash as of its Monday update. 

“While many believe the crypto winter may last through the fall of 2026, our view remains that the crypto winter is much closer to ending,” said BitMine Chairman Tom Lee in a statement. (Disclosure: Lee is an investor in Dastan, the parent company of an editorially independent Decrypt.)

Ethereum is down around 1.1% in the last 24 hours, recently changing hands at $2,312. The second-largest crypto asset by market cap has jumped 5.4% in the last week. 

“As downside tail risks for the U.S.-Iran war diminish, ETH has risen 41% from its early February lows,” said Lee. “In our view, there is a lot of meaning to ETH being the best ‘war-time store of value,’ and to ETH being the asset leading since the war started,” he added. 

Last week, the firm reported a net loss of $3.8 billion for the three-month period ending on February 28, 99% of which was attributed to unrealized losses on its Ethereum holdings. BitMine now holds more than 4.1% of the entire ETH circulating supply. 

Over the six-month period ending on February 28, the firm had more than $9 billion in reported losses on account of ETH’s slide from its August all-time high mark of $4,946. As it stands, the asset is now trading about 53% off that mark. 

BMNR shares are down about 3.3% since the opening bell on Monday and have slightly underperformed ETH in the last month of trading, gaining nearly 3% while ETH has risen 5.5% during the same span.

The firm’s shares have fallen nearly 59% in the last six months of trading ,and are 86% off their 52-week high of $161, recently changing hands at $22.21. 

Strategy, the largest Bitcoin treasury firm, also made a major purchase last week, adding over $2.5 billion worth of Bitcoin in its largest addition since 2024.