BitMine, the digital asset investment firm led by Tom Lee, has expanded its Ethereum portfolio to 1.174 million ETH after purchasing 28,650 ETH worth $130 million during a sharp price correction. The purchase, revealed by Arkham blockchain data and reported by Lookonchain, increases BitMine’s total Ethereum holdings to $5.26 billion at current market prices.
The acquisition was executed through over-the-counter (OTC) channels and later secured in WalletSimple, BitMine’s storage system. This method allowed the company to accumulate a significant amount of ETH without triggering price swings on public exchanges.
The move highlights BitMine’s strategy of acquiring assets during downturns, a practice that has historically been employed by large institutional buyers to maximize long-term returns.
Strategy Behind the Aggressive Buy
BitMine’s latest acquisition signals confidence in Ethereum’s long-term value, even as the market faces heightened volatility. Tom Lee, known as one of the most optimistic voices in crypto markets, has consistently argued that temporary selloffs present opportunities for accumulation.
Key details from the purchase include:
- Amount purchased: 28,650 ETH
- Transaction value: $130 million
- Total ETH holdings: 1.174 million ETH
- Estimated value: $5.26 billion
On-chain data shows multiple large transfers into BitMine wallets within hours, pointing to a coordinated purchase strategy. By concentrating buys during price dips, BitMine has positioned itself as one of the largest institutional Ethereum holders.
BitMine’s stock, BMNR, reflects the volatility of the sector. Shares closed at $57.81, down 4.37% from $60.45, but remain up 34% in the past five days and 20.74% in the past month.
Ethereum’s Resilient Performance
The accumulation occurred as Ethereum’s price slipped 3.45% in 24 hours to $4,394, down from a recent peak of $4,640. Despite the drop, ETH remains 12.22% higher on the week and nearly 40% higher over the past month.
Long-term metrics also reinforce Ethereum’s strength:
- Year-to-date gains: +31.77%
- Six-month gains: +62.94%
- Five-year gains: +900%
The sustained upward trajectory underscores why large investors like BitMine continue to build positions. For long-term holders, Ethereum remains one of the most profitable assets in the digital economy.
With growing institutional interest and a track record of exponential returns, Ethereum’s outlook continues to attract aggressive buying strategies even during downturns—a trend BitMine has embraced with its latest $130 million bet.