BitMine Buys $240 Million in Ethereum as Tom Lee Heralds Arrival of 'Crypto Spring'

Top Ethereum treasury steadfast BitMine Immersion Technologies conscionable revealed its 3rd consecutive play bargain of much than 100,000 ETH, extending its buying streak arsenic the second-largest cryptocurrency by marketplace headdress shows a 15% emergence successful the past month.

BitMine purchased 101,745 ETH implicit the past week, pursuing erstwhile play buys of 101,901 ETH and 101,627 ETH—the erstwhile being the firm's largest haul truthful acold successful 2026. At Ethereum's caller trading terms of $2,365, that makes its latest play acquisition worthy much than $240 million.

All told, the publically traded steadfast has accumulated implicit 5.18 million, with its stash presently valued astatine $12.2 billion. The institution besides holds 200 Bitcoin valued astir $16 million, and has $700 cardinal successful currency on-hand.

BitMine (BMNR) shares are up much than 4% connected the day, precocious trading astatine $22.91. Shares are up astir 18% successful the past month, but person fallen much than 15% since the commencement of the year.

The play acquisition tally includes 10,000 ETH purchased straight from the Ethereum Foundation successful an over-the-counter merchantability announced Friday astatine an mean terms of $2,292 per coin. It was the 2nd consecutive play acquisition of 10,000 ETH from the Foundation, with the income backing the Ethereum backer's operations, assemblage grants, and different endeavors.

"Crypto Spring, successful our view, has commenced and similar past cycles, capitalist sentiment and condemnation are muted and bearish adjacent arsenic crypto prices strengthen," said BitMine Chairman Tom Lee, successful a statement. "We judge the imaginable passage, oregon adjacent failure, of the CLARITY Act confirms the accomplishment of crypto spring. As for the upcoming drivers of crypto gains, Ethereum continues to payment from the dual tailwinds of Wall Street tokenizing connected the blockchain and from agentic AI systems progressively needing nationalist and neutral blockchains."

(Disclaimer: Lee is an capitalist successful Dastan, genitor institution of an editorially independent Decrypt.)

Ethereum Foundation Sells $23 Million More successful ETH to Tom Lee's BitMine

BitMine said Monday that it has staked much than 4.36 cardinal ETH, generating yearly staking revenues of astir $297 million. The institution precocious launched its ain Made successful America Validator Network, which it refers to arsenic MAVAN.

Even with Ethereum's terms climbing, BitMine inactive sits connected a sizable unrealized nonaccomplishment for its holding, estimated astir $6 cardinal arsenic of this writing. BitMine began accumulating Ethereum past summer, erstwhile ETH roseate to a caller all-time precocious terms of $4,946 past August. It's presently down 52% from that peak.

Users connected Myriad—a prediction marketplace operated by Dastan—have grown progressively bullish successful caller days that Ethereum's adjacent halt volition beryllium $3,000 alternatively than $1,500, presently penciling successful a 60% accidental of that upward move. That people has grown by much than 7% successful the past week.