'Attractive Opportunity': Tom Lee's BitMine Adds $151 Million in Ethereum Amid Price Dip

In brief

• BitMine Immersion Technologies added more than 71,000 ETH last week as ETH slid by 9%.
• Shares in the firm (BMNR) are down more than 5% since the opening bell on Monday.
• BitMine now holds nearly 5.28 ETH, valued around $11.1 billion.

BitMine Immersion Technologies (BMNR) felt that the falling price of Ethereum was too compelling to ignore, adding $151 million worth, or 71,672 ETH last week as the price of the second-largest cryptocurrency slipped below $2,200. 

The firm’s latest weekly addition comes just one week after it telegraphed a slowdown in its ETH purchases, scaling back last week to add only $62 million worth to its stash, which now sits at nearly 5.28 million ETH—or about $11.1 billion worth.

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” said BitMine Chairman Tom Lee in a statement. (Disclaimer: Lee is an investor in Dastan, the parent company of an editorially independent Decrypt.)

Last week, Lee said that he believed “crypto spring,” or a period of crypto market growth, had started, with Ethereum set to lead the way thanks to its place among popular crypto trends like agentic commerce and the tokenization of real-world assets. 

But ETH did not bloom over the course of the last week, instead dropping more than 9% over that time to trade hands around $2,108 on Monday morning. ETH has dipped 3.5% in the last 24 hours of trading, slightly outperforming shares of BitMine (BMNR), which have dropped about 5.4% since the opening bell on Monday. 

Shares in the firm are now trading around $18.80, down 18% in the last month and nearly 42% in the last six months. At its current mark, shares in the firm are about 88% off their respective 52-week high of $161. 

Meanwhile, ETH is trading over 57% below its August all-time high of $4,946.

Nevertheless, Lee and his firm are optimistic about crypto’s future, especially given progress in the regulatory landscape, with the Clarity Act move beyond the Senate Banking Committee last week.