Tom Lee, chairman of Bitmine Immersion Technologies, has attributed recent cryptocurrency market weakness to quarter-end “window dressing,” a practice where investors trim losing positions to clean up portfolios before a new reporting period. Lee’s comments came alongside the company’s disclosure that it had purchased an additional $43 million worth of Ethereum, marking its smallest ETH acquisition since early May.
Bitmine now holds over 5.7 million ETH valued at approximately $9 billion, along with roughly 206 Bitcoin worth $12.3 million. The purchase, while cautious, reinforces Bitmine’s ongoing treasury strategy, even as Ethereum’s price has slipped 22% over the past month to around $1,567—68% below its all-time high of $4,946. The firm’s stock (BMNR) has fared even worse, down more than 91% from its 52-week peak of $161 after adopting the Ethereum treasury model last year.
Lee highlighted that quarter-end positioning flows, rather than a fundamental shift in risk appetite, could be driving the selloff. This mechanical de‑risking, he argued, may ease once the calendar pressure subsides. The contrasting behavior of Strategy (formerly MicroStrategy), which did not increase its Bitcoin position during the same window amid pressure on its STRC product, underscores Bitmine’s continued but measured accumulation of ETH.
Lee reaffirmed the company’s long-term conviction, pointing to catalysts such as agent payments and institutional adoption of blockchain infrastructure. For traders, the next few sessions will test whether the market stabilizes once quarter-end flows clear, potentially giving more weight to the window-dressing thesis if a rebound materializes.
