Bitmine Purchases $214M in Ethereum During Market Dip
Bitmine buys 126,971 ETH worth $214M, its largest purchase of 2026, as Tom Lee dismisses market selloff.
Bitmine Immersion Technologies, the world's largest Ethereum treasury, announced Monday that it purchased more than 126,971 ETH during last week's market downturn, worth approximately $214 million. This marks the company's largest single Ethereum acquisition so far in 2026.
The purchase brings Bitmine's total crypto and cash holdings to $9.6 billion, comprising 5,543,870 ETH and other assets. The company has been accumulating Ethereum during price dips, signaling long-term confidence in the asset.
Market Context
The acquisition comes amid a broader crypto market correction. Tom Lee, co-founder of Fundstrat Global Advisors, dismissed the selloff as a temporary pullback, reaffirming his positive outlook on digital assets. In a recent note, Lee emphasized that such corrections are normal in bull markets and urged investors not to panic.
- Bitmine's purchase is the largest of 2026 to date
- Company holds $9.6 billion in crypto and cash
- Tom Lee views selloff as a buying opportunity