In today’s crypto news, Tom Lee’s Ethereum treasury company Bitmine continues accumulating ETH despite one of the market’s sharpest downturns this year. According to on-chain data shared by Lookonchain, Bitmine received another 25,000 ETH worth approximately $47.98 million just hours ago. While many institutional investors have been reducing exposure amid market uncertainty, Bitmine is doing the opposite.
Bitmine’s Alchemy of 5% Remains On Track
Blockchain data shows the latest transfer originated from BitGo, with 25,000 ETH ending up in a Bitmine-associated address. The transaction is the latest in a series of major Ethereum acquisitions that have transformed Bitmine into one of the largest corporate holders of Ether globally.
Recent disclosures show Bitmine now controls more than 5.4 million ETH, representing over 4% of Ethereum’s circulating supply. The company has steadily expanded its holdings throughout 2026 despite increasing volatility across the crypto market.
The pace of accumulation has been particularly notable during periods of weakness. Rather than slowing purchases after Ethereum’s recent breakdown, Bitmine has continued adding to its treasury. The strategy reflects the firm’s long-term conviction in Ethereum as one of the most important assets in the digital economy. Additionally, buying aggressively during dips like this helps lower the firm’s average cost basis.
Bitmine Sits on Significant Paper Losses
Meanwhile, Bitmine’s aggressive accumulation has the firm deep underwater on its Ethereum holdings, with its average cost price around $3,500.
Meanwhile, Ethereum has endured a difficult few weeks. The broader crypto markets reacted to renewed geopolitical tensions, persistent ETF outflows, and weakening investor sentiment. All of these have pushed the asset below $2,000 this week.
At the time of writing, ETH was trading at $1,875.
With Ethereum trading that low, Bitmine’s Ethereum treasury is currently sitting on an unrealized loss of approximately $8.79 billion. Despite that, Bitmine has shown no indication that it intends to reduce exposure. In fact, the latest purchase suggests management views the current weakness as an opportunity to accumulate additional ETH rather than a reason to exit positions.
Large-Scale Accumulation Suggests Bullish Thesis
Tom Lee has consistently argued that Ethereum is one of the strongest long-term opportunities in the digital asset sector. The Fundstrat co-founder believes Ethereum stands to benefit from the rapid growth of tokenized financial assets, stablecoins, decentralized finance, and artificial intelligence applications operating on blockchain infrastructure. In his view, these trends could drive significant long-term demand for Ethereum’s network and native token.
Tom Lee says Bitcoin $BTC and Ethereum $ETH are the future of money.
He also sees the current market conditions like Mark Cuban selling all his #Bitcoin as a sign of the end of #crypto winter. pic.twitter.com/cnMNNt7Ms5
— CoinRemark (@CoinRemark) June 3, 2026
Bitmine has also begun generating yield from its holdings through staking operations. The firm has staked over 5.08 million ETH, worth about $9.53 billion at current prices. That represents about 94% of its holdings. At that staking rate, the company earns substantial rewards while maintaining exposure to potential future price appreciation.
Interestingly, Bitmine is not the only major player buying Ethereum during the downturn. Recent data from Santiment revealed that wallets holding at least 100,000 ETH now collectively control 17.41 million ETH. That represents the highest level of whale holdings in nine weeks and the largest share of Ethereum’s supply controlled by these wallets in ten weeks.
Large-scale accumulation during periods of fear and uncertainty can instill confidence and help improve sentiment as it reflects a positive long-term outlook. Thus, investors will be watching to see how these whale purchases support Ethereum’s price recovery.
Temitope Olajide
