BitMine Buys the Dip With $140M Ethereum Purchase as ETH Prices Slide

BitMine, the Ethereum-focused treasury firm led by Fundstrat co-founder Tom Lee, has reportedly added more than $140 million worth of ether to its balance sheet, continuing an aggressive accumulation strategy during a period of market weakness.

Onchain analysts EmberCN and Lookonchain, citing data from blockchain intelligence platform Arkham, reported that BitMine acquired 48,049 ETH on Tuesday. The tokens were said to have come from a FalconX hot wallet. While the transaction has not yet been formally confirmed by the company, the data aligns with BitMine’s recent pattern of large-scale Ethereum purchases.

The reported acquisition comes shortly after BitMine released an official disclosure detailing the size of its existing Ethereum holdings. According to that filing, the NYSE American–listed firm currently holds 3,967,210 ETH, purchased at an average price of $3,074 per coin. Based on current market prices, that stash is valued at roughly $11.6 billion, making BitMine the largest known corporate holder of Ethereum.

BitMine has been steadily expanding its ETH treasury throughout the year, even as broader crypto markets have faced volatility and downward pressure. The company has repeatedly emphasized its long-term view on Ethereum’s role in global finance and has publicly stated its goal of eventually owning 5% of the total circulating ETH supply.

That strategy has not slowed during the current downturn. In the first two weeks of December alone, BitMine purchased an additional 240,711 ETH, signaling confidence despite falling prices. Ether recently dipped below the $3,000 level and is currently trading at $2,926, according to market data. While the asset is up slightly over the past 24 hours, it remains down about 12% over the past week.

Commenting on the broader outlook, BitMine Chair Tom Lee said in the company’s Monday disclosure that he believes the “best days for crypto” are still ahead. He pointed to several developments he sees as supportive of the sector, including legislative progress in Washington and increasing participation from traditional financial institutions on Wall Street.

Investors appear to have responded positively to BitMine’s continued accumulation strategy. Shares of BitMine (ticker: BMNR) closed up 1.42% on Tuesday at $31.39, according to price data. The stock has surged more than 550% over the past six months, reflecting growing market interest in firms with direct exposure to digital assets.

While the latest ETH purchase remains unofficial for now, it underscores BitMine’s willingness to buy into weakness and reinforces its position as a major corporate player in the Ethereum ecosystem. As price swings continue to test investor sentiment across the crypto market, BitMine’s actions suggest a firm belief that long-term fundamentals outweigh short-term volatility.