Bitmine went big on Ether last week. The mining firm bought 111,942 ETH — its single largest purchase of 2026 — after the price dipped below $2,200. The move didn't go unnoticed. Tom Lee, the veteran market strategist, pointed to the acquisition as evidence of a cryptocurrency supercycle taking shape.
The size of the buy
The 111,942 Ether haul is Bitmine's biggest this year, though the company hasn't disclosed the exact average price. The purchase came right after Ethereum briefly slipped under $2,200 — a level that's drawn both bargain hunters and concern from short-term traders. Bitmine's total Ether holdings now stand well above where they were at the start of 2026, and the company has been steadily accumulating through the spring.
Tom Lee's supercycle view
Lee didn't just note the purchase — he framed it as part of a bigger pattern. In comments this week, he said Bitmine's activity fits the profile of a crypto supercycle, where institutional accumulation during dips fuels a prolonged uptrend. He's made similar calls before, but this time he's anchoring it to real on-chain moves from a major miner. Lee didn't put a timeline on the cycle, but the implication is clear: big players are treating sub-$2,200 Ether as a buying opportunity, not a reason to flee.
Why the timing matters
Ethereum's drop below $2,200 spooked plenty of retail holders, but institutional buyers like Bitmine see it differently. For miners, Ether is both a cost input and a reserve asset. Buying when the price is depressed lets them dollar-cost average without chasing highs. The purchase also comes at a time when network activity — staking, layer-2 usage, DeFi — remains healthy, even if the token price has lagged. Bitmine's bet is that the fundamentals win out. Lee's supercycle thesis suggests they won't be the only ones placing that bet.
The question now is whether other miners or funds follow Bitmine's lead. Another big buy in the next week or two would add real weight to Lee's prediction. But for the moment, Bitmine's wallet tells the story: 111,942 ETH added, no excuses, no hesitation.
