Ethereum treasury firm Bitmine Immersion (BMNR) aggressively expanded its holdings last week, purchasing about $154 million worth of ETH even as the cryptocurrency tumbled below $2,200. The firm acquired 71,672 ether, a sharp increase from the previous week’s 26,000-token haul, underscoring a contrarian bet on the second-largest digital asset.
Chairman Tom Lee, who also co-founded Fundstrat Global Advisors, described the pullback as an attractive entry point for long-term investors. In a shareholder letter and social media posts, Lee argued that surging oil prices have become the dominant headwind for ETH. “ETH inverse correlation to oil is the highest ever,” he wrote on X, noting that rising crude over the past six weeks coincided with declining ether prices. “Oil reversing = ETH prices recovering,” he added.
The buying spree came despite Lee’s earlier suggestion that the company would slow its accumulation pace. The latest purchase lifts Bitmine’s total Ethereum stash to roughly 5.28 million ETH, or about 4.37% of the circulating supply. Its overall crypto and cash portfolio now stands at $12.6 billion, which also includes 202 bitcoin, $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
Bitmine remains one of the few large digital-asset treasury firms — alongside Michael Saylor’s Strategy — still actively accumulating during the market downturn, signaling strong institutional conviction in Ethereum’s long-term value despite short-term volatility.
