BitMine Accumulates $1.5B in Ether Since Crash Despite Lee’s Treasury Bubble Fears

Why It Matters

For markets, BitMine’s accumulation tightens available Ether supply and could amplify price upside if demand holds, but DAT stress raises risks for smaller or leveraged treasury vehicles.

Summary

BitMine Immersion Technologies accumulated 379,271 ETH (about $1.5 billion) in three purchases since last weekend’s crypto-market crash, bringing its total to over 3 million ETH—roughly 2.5% of supply and worth $11.7 billion—as it targets a 5% stake after beginning large-scale buys in July. The buying spree comes amid Fundstrat’s Tom Lee reiterating bullish views on Ether even as he warns that the digital-asset-treasury (DAT) bubble may be bursting, with several DATs trading at or below net-asset value. The divergence highlights a bifurcated market where deep-pocketed treasuries and new entrants like Huobi (raising about $1 billion) push into ETH while broader crypto prices remain about 15% below October highs. For markets, BitMine’s accumulation tightens available Ether supply and could amplify price upside if demand holds, but DAT stress raises risks for smaller or leveraged treasury vehicles.