Tom Lee
Bitmine may slow ethereum purchases as goal nears, tom lee says
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Bitmine Immersion Technologies is considering slowing its purchases of ether after rapidly accumulating a large stake in the cryptocurrency. Chairman Tom Lee made the remarks during a keynote at Consensus 2026 in Miami on Thursday. The firm has amassed over 5.1 million ETH valued at approximately $11.9 billion.
BitMine Immersion Technologies, led by Tom Lee, purchased $240 million worth of Ethereum in its third consecutive weekly buy exceeding 100,000 ETH. The move coincides with Ethereum's continued price rise and Bitcoin hitting $80,000 for the first time since January. Meanwhile, Strategy skipped a Bitcoin purchase as BTC reached this milestone.
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Building on recent accumulation, Bitmine Immersion Technologies added 60,976 ether last week—its largest 2026 weekly purchase—pushing holdings past 4.5 million tokens despite $7.8 billion unrealized losses. Chairman Thomas Lee views prices as nearing the end of a 'mini-crypto winter,' justifying faster buying. Staking now yields $174 million annually.
Tom Lee, chairman of Bitmine Immersion Technologies, attributes the current dip in Ethereum prices to year-end tax-loss selling but remains bullish on a long-term supercycle. Bitmine announced another $131 million purchase of Ethereum, boosting its December acquisitions to $1.4 billion. The firm now holds a significant portion of Ethereum's supply amid market volatility.
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A debate erupted on X over seemingly conflicting bitcoin predictions from Fundstrat analysts Tom Lee and Sean Farrell, prompting Lee to endorse an explanation highlighting different professional mandates. The discussion underscores the nuances between short-term risk strategies and long-term market views. Bitcoin traded around $88,283 amid the exchange.