Tom Lee’s Bitmine has continued its aggressive bets on Ethereum, as evidenced by the recent accumulation of 71,672 ETH, worth $153.66 million. This hefty purchase highlights the sustained confidence of the Ethereum treasury firm in the second-largest crypto by market cap, despite the recent volatility.
In addition, the recent dip in Ethereum (ETH) price to below $2,200 has made it more appealing for Bitmine to continue its bet on the asset. However, despite revealing the massive purchase update, the BMNR stock price has slipped in the early US hours today.
Bitmine Expands Ethereum Holdings Amid Market Pullback
Bitmine continues to expand its Ethereum holdings despite the recent crypto market volatility. The firm now holds 5.28 million ETH, valued at more than $11 billion at the current price.
That represents nearly 4.4% of Ethereum’s total circulating supply, according to the company’s latest update. Meanwhile, Chairman Tom Lee suggested the firm could reach what he called the “alchemy of 5%” in 2026. The phrase highlights Bitmine’s goal of controlling 5% of Ethereum’s total supply.
In addition, Tom Lee said that the recent Ethereum price dip below the $2.2k mark is an attractive entry point for long-term positioning. He indicated that Bitmine (BMNR) sees strong future value in Ethereum, especially as institutional interest in blockchain infrastructure grows.
The firm also revealed that over 89% of its Ethereum reserves are now staked. In total, Bitmine has staked around 4.71 million ETH, valued at over $10 billion.
The staking strategy allows the company to generate recurring yield while maintaining long-term exposure to Ethereum. Notably, the latest buy comes just after the firm revealed a purchase of 26,659 ETH on May 11.
BMNR Stock Slips But Tom Lee Remains Bullish
Amid the recent buying update, Bitmine (BMNR) stock price slipped more than 6% and traded at $18.60. The bearish sentiment is further evidenced by the dip of nearly 19% in BMNR stock over the past 30 days.
At the same time, ETH price fell nearly 4% at the time of writing, suggesting that the investors are still waiting on the sidelines. The crypto has slipped to as low as $2,094 in the last 24 hours.
However, despite that, Tom Lee remains bullish on a potential recovery in Ethereum price ahead. In addition, it might also help in a strong recovery in Bitmine (BMNR) stock in the near future.
For context, Lee recently said that the CLARITY Act passage could be a potential breakthrough for the crypto industry. According to Tom Lee, the legislation could provide clearer rules for digital assets and encourage Wall Street firms to build new financial products around blockchain networks.
In addition, he also highlighted the 61% chance of the CLARITY Act getting passed in 2026, as per Polymarket data.
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