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

BitMine Immersion Applied sciences (BMNR) felt that the falling value of Ethereum was too compelling to disregard, including $151 million price, or 71,672 ETH final week as the value of the second-largest cryptocurrency slipped beneath $2,200. 

The agency’s newest weekly addition comes only one week after it telegraphed a slowdown in its ETH purchases, scaling again final week to add solely $62 million price to its stash, which now sits at practically 5.28 million ETH—or about $11.1 billion price.

“We view the latest pullback of ETH to beneath $2,200 as a gorgeous alternative,” stated BitMine Chairman Tom Lee in a press release. (Disclaimer: Lee is an investor in Dastan, the mum or dad firm of an editorially unbiased Decrypt.)

Final week, Lee stated that he believed “crypto spring,” or a interval of crypto market progress, had began, with Ethereum set to cleared the path because of its place amongst fashionable crypto tendencies like agentic commerce and the tokenization of real-world belongings. 



However ETH didn’t bloom over the course of the final week, as a substitute dropping greater than 9% over that point to commerce palms round $2,108 on Monday morning. ETH has dipped 3.5% within the final 24 hours of buying and selling, barely outperforming shares of BitMine (BMNR), which have dropped about 5.4% for the reason that opening bell on Monday. 

Shares within the agency are actually buying and selling round $18.80, down 18% within the final month and practically 42% within the final six months. At its present mark, shares within the agency are about 88% off their respective 52-week excessive of $161. 

In the meantime, ETH is buying and selling over 57% beneath its August all-time excessive of $4,946.

However, Lee and his agency are optimistic about crypto’s future, particularly given progress within the regulatory panorama, with the Readability Act transfer past the Senate Banking Committee final week. 

“The Readability Act gives the mandatory regulatory readability for the crypto business and Wall Avenue to construct the subsequent era set of monetary merchandise and structure,” stated Lee. 

“There are nonetheless many steps and hurdles to beat earlier than the Readability Act turns into regulation,” he added. “However we imagine the likelihood of passage is larger than the 61% mirrored on Polymarket.” 

Because it stands, odds on Polymarket give the act a few 64% probability of being signed into regulation by the top of the 12 months, a bounce of round 2% within the final week and 18% within the final month because the invoice made progress.