{"id":17135,"date":"2025-10-19T08:20:34","date_gmt":"2025-10-19T06:20:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17135"},"modified":"2025-10-19T08:20:34","modified_gmt":"2025-10-19T06:20:34","slug":"bitmine-acquires-1-5-billion-in-ether-amid-tom-lees-continued-optimism-for-eth","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/10\/19\/bitmine-acquires-1-5-billion-in-ether-amid-tom-lees-continued-optimism-for-eth\/","title":{"rendered":"BitMine Acquires $1.5 Billion in Ether Amid Tom Lee’s Continued Optimism for ETH"},"content":{"rendered":"

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Fundstrat’s Tom Lee has reiterated the notion that the fervor surrounding digital asset treasuries might be reaching its conclusion, yet he maintains an optimistic outlook on Ether, having acquired $1.5 billion worth since the market downturn.<\/p>\n

BitMine Immersion Technologies has amassed a total of 379,271 Ether (ETH<\/a>) valued at nearly $1.5 billion following the unprecedented crypto market liquidation episode<\/a> last weekend.<\/p>\n

The purchases were made in three distinct transactions: 202,037 ETH after the weekend’s crash, 104,336 ETH on Thursday<\/a>, and 72,898 ETH on Saturday, as per<\/a> onchain data from Arkham Intelligence and \u2018BMNR Bullz\u2019, which monitors the company’s acquisitions, although this has not yet been officially verified by BitMine.<\/p>\n

BitMine is the largest Ether treasury corporation globally, holding over 3 million ETH, which constitutes 2.5% of the total supply, valued at $11.7 billion. It is already halfway to its goal of 5% and only began accumulating the asset in early July, when ETH was around the $2,500 mark.<\/p>\n

\u201cEthereum could surpass Bitcoin in a manner similar to how Wall Street and equities overtook gold after ’71,\u201d Lee stated<\/a> to ARK Invest CEO Cathie Wood on Thursday in his latest optimistic assertion regarding the asset.<\/p>\n

DAT bubble burst?<\/h2>\n

The ongoing intensive<\/a> purchase of Ether takes place despite Lee’s belief that the digital asset treasury bubble may have indeed burst.<\/p>\n

Lee remarked that numerous DATs are operating below their net asset value (NAV), or the value of their underlying crypto assets. \u201cIf that\u2019s not a bubble burst already\u2026 What would a bubble burst look like?\u201d he told<\/a> Fortune on Thursday.<\/p>\n

Related: <\/strong><\/em>NAV Collapse Creates Rare Opportunity in Bitcoin Treasurys \u2014 10x Research<\/strong><\/em><\/a><\/p>\n

Research organization 10x Research also noted on Saturday that significant DATs like Metaplanet and Strategy were trading close to or beneath their NAVs.<\/p>\n

Nonetheless, this isn’t entirely negative news, as DATs with robust capital foundations and proficient management teams \u201cmight still generate significant alpha,\u201d they stated.<\/p>\n

Huobi founder Li Lin is eager for some of that alpha and has reportedly<\/a> raised approximately $1 billion as part of an initiative to invest in an Ether treasury.<\/p>\n

Gold envy holding crypto down<\/h2>\n

Lee informed<\/a> CNBC after trading hours on Friday that investors were still \u201chealing from their wounds\u201d due to the historic leverage flush, but there was also a tinge of \u201cgold envy\u201d as the commodity has performed \u201cremarkably this year.\u201d<\/p>\n

\u201cThis is not the peak of the crypto cycle, but leveraged longs in crypto are at near record lows, so I believe […] we\u2019re at the bottom and making our way back up.\u201d<\/p><\/blockquote>\n

Currently, crypto markets are down 15% from their peak on October 7, whereas gold prices<\/a> have fallen nearly 3% from their high on Thursday.<\/p>\n

Tom Lee speaking on CNBC on Friday. Source: YouTube<\/em><\/figcaption><\/figure>\n

\u00a0<\/em>Magazine: <\/strong><\/em>Ether\u2019s price to go \u2018nuclear,\u2019 Ripple seeks $1B XRP buy: Hodler\u2019s Digest<\/strong><\/em><\/a><\/p>\n