Tom Lee-led BitMine Immersion Technologies has continued to make waves in the crypto market after on-chain data revealed a sizable Ethereum purchase. The move adds to a growing trend of institutional-style accumulation at a time when market sentiment around Ethereum remains cautious, highlighting a divergence between short-term price action and long-term conviction.
BitMine Accumulates 29,462 ETH
Blockchain tracker Lookonchain has revealed that BitMine has made a fresh purchase of 29,462 ETH, worth approximately $88 million, from Kraken and BitGo. According to the on-chain sleuth, the firm purchased 11,008 ETH, worth $33.14 million, from Kraken and acquired 18,454 ETH, valued at $55.24 million, from BitGo. Following the acquisition, BitMine transferred the funds to two newly created wallets, consistent with its broader Ethereum accumulation strategy.
It is worth noting that Lookonchain had earlier reported that Bitmine had purchased 30,075 ETH, worth approximately $88.7 million, in the past week.
Meanwhile, the latest BitMine purchase occurs at a time when Ethereum, alongside the broader cryptocurrency market, is struggling for stability. While most investors have been offloading tokens to protect themselves from the broader market downturn, BitMine has taken a contrarian approach, viewing the dip as an opportunity to expand its Ethereum holdings.
Ethereum Takes Center Stage in BitMine’s Treasury Strategy
Meanwhile, the latest acquisition has cemented BitMine’s reputation as one of the most aggressive corporate accumulators of Ethereum.
Under the leadership of Tom Lee, the firm has positioned ETH at the core of its treasury strategy, betting on the network’s long-term role in decentralized finance, stablecoins, and tokenized real-world assets.
Lee has consistently argued that Ethereum’s utility and adoption trends give it strong upside potential over time. Thus, the firm’s goal is to purchase 5% of Ether’s supply. In a press release yesterday, the company announced that the firm’s ETH holdings have now surpassed 4 million tokens.
Ethereum Price Action: Market Consolidation Meets Long-Term Conviction
BitMine’s latest ETH purchase comes as Ethereum price action remains largely range-bound, with the asset struggling to reclaim key resistance levels amid broader market uncertainty. ETH has faced selling pressure in recent weeks, driven by macroeconomic concerns, which include the recent BOJ rate hike and US Fed rate cuts.
From a technical perspective, Ethereum remains within a broad consolidation range. However, market expert Michael Van De Poppe has, in a recent X post, speculated that Ethereum is gearing up for a surge to the $3,700 region.
However, he noted that Ethereum will need to break through a resistance wall around the $ 3,100 region to sustain this surge. According to the asset tracker CoinMarketCap, Ethereum is currently hovering around the $3,000 region and ranks second in the cryptocurrency market.
The CoinRemark Team
