BitMine Doubles Down on Ethereum With Fresh $140M Buy During Market Dip

BitMine, the Ethereum-focused treasury company led by Fundstrat co-founder Tom Lee, has reportedly expanded its ETH war chest with a purchase valued at roughly $140.6 million. Onchain data indicates the firm picked up 48,049 ETH in a single transaction linked to a FalconX wallet, though the acquisition has not yet been formally confirmed by the company.

The reported buy adds to an already massive Ethereum position. In its latest official filing released Monday, the NYSE American–listed firm disclosed holdings of 3,967,210 ETH, accumulated at an average cost of $3,074 per token. At current market prices, that stash is valued at approximately $11.6 billion.

BitMine has emerged as the largest corporate holder of Ethereum, steadily increasing its exposure throughout the year despite persistent market volatility. The company has repeatedly emphasized its conviction in Ethereum’s growing relevance to traditional finance and has outlined a long-term ambition to control 5% of ETH’s total circulating supply. That strategy has remained intact even during recent weakness, with more than 240,000 ETH reportedly purchased in the first half of December alone.

Commenting in the company’s Monday disclosure, Lee struck an optimistic tone on the broader crypto outlook, citing improving regulatory clarity in the U.S. and rising institutional participation as signs that the sector’s strongest phase may still lie ahead.

The latest accumulation coincided with Ether dipping below the $3,000 mark. ETH is currently trading at $2,926, up 0.24% over the past 24 hours but down 12% on the week. BitMine’s shares (BMNR) closed Tuesday up 1.42% at $31.39 and are now higher by more than 551% over the past six months.