Bitmine has scooped up 126,971 ether — worth roughly $214 million at current prices — in what the company says was its largest single purchase of the cryptocurrency in 2026. The move came despite Chairman Tom Lee's earlier urging to ease off on acquisitions.
The size of the purchase
The transaction, executed last week, adds a substantial chunk of Ethereum to Bitmine's holdings. At the time of the deal, the price of ether was hovering around $1,686 per coin, putting the total cost at about $214 million. That's more than any single ether purchase the firm has made this year.
Chairman's caution ignored
Tom Lee had previously called on Bitmine to slow its buying pace, though the exact reasons behind his recommendation weren't detailed in the company's disclosures. But the board or management apparently decided to press ahead. The purchase suggests a divergence between Lee's stated preference and the company's actual strategy.
What comes next
Bitmine hasn't said whether it plans further large-scale acquisitions in the near term. The company's next financial report will likely reveal how the new ether holdings affect its balance sheet — and whether Lee presses the issue again.
