Bitmine has added another $52 million worth of Ethereum to its balance sheet, pushing its total stash to 5.4 million tokens. The purchase comes as Tom Lee, Fundstrat Global Advisors co-founder, argued that Ethereum is undervalued with the crypto market showing early signs of recovery.
Bitmine's latest Ethereum acquisition
The mining firm spent $52 million to pick up additional ETH, bringing its holdings to 5.4 million tokens. That makes Bitmine one of the largest corporate holders of the second-largest cryptocurrency by market cap. The company didn't disclose the average price it paid for this tranche.
Tom Lee's bullish take
Tom Lee said Tuesday that Ethereum is undervalued, citing an early crypto market recovery. The Fundstrat Global Advisors co-founder didn't provide a price target but framed the current levels as a buying opportunity for long-term investors.
The scale of Bitmine's position
With 5.4 million ETH, Bitmine now holds a stake worth billions at current market prices — a bet that signals confidence in Ethereum's long-term prospects even as the broader market remains choppy. The firm's latest buy adds to a steady accumulation pattern.
