Bitmine has made its largest ether purchase this year, snapping up 111,942 coins last week for roughly $237 million. The mining firm moved quickly after ETH slipped under $2,200, a price point it saw as a buying opportunity.
Why Bitmine bought now
The transaction was completed last week, with Bitmine buying the ether at an average price just below $2,200 per coin. The company said it took advantage of the dip to accumulate at what it considered a favorable entry. The purchase is the single biggest ether buy for Bitmine in 2025 so far, dwarfing its previous quarterly acquisitions.
Tom Lee's suggestion ignored
Not everyone was on board with the timing. Tom Lee, the well-known analyst and co-founder of Fundstrat Global Advisors, had recently suggested that crypto companies might want to slow their buying pace given market volatility. Bitmine went ahead anyway. The firm didn't publicly respond to Lee's remarks, but the purchase signals a clear bet that ether's current price won't last.
The drop below $2,200 came amid a broader crypto sell-off that pushed bitcoin lower as well. Ether has recovered some ground since then, trading around $2,150 early this week. But the market remains jittery, and traders are watching whether other large holders follow Bitmine's lead or stay on the sidelines.
Bitmine didn't disclose whether it plans more purchases. The company holds a significant stash of ether from earlier buys, though exact totals aren't public. For now, the firm is betting big that the dip was a gift, not a trap.
