Tom Lee’s BitMine Buys The Dip With $480 Million ETH Purchase

Tom Lee’s BitMine is shopping for the dip, snapping up $480 million value of Ethereum after the newest market sell-off.

Lookonchain mentioned on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase adopted a flash crash triggered by US President Donald Trump’s announcement that he would slap further 100% tariffs on China’s exports.

”It’s simpler for BitMine to realize the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH,” mentioned BitMine, the biggest ETH treasury agency. ”PS: simply truth.”

FACT: It’s simpler for BitMine to realize ‘the alchemy of 5%’ at $3,800 ETH than $10,000 ETH

PS: only a truth

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 11, 2025

BitMine Desires To Personal 5% Of ETH’s Provide

The biggest altcoin by market cap had plunged as little as $3,504.32 from above $4k up to now 48 hours, in response to information from CoinMarketCap.

ETH worth (Supply: CoinMarketCap)

ETH is now down greater than 16% over the previous week to commerce at $3,802.79 as of 1:08 a.m. EST. 

Information from StrategicETHReserve exhibits BitMine holds round 2.83 million ETH value roughly $10.76 billion on its steadiness sheet. SharpLink Gaming has the second-largest ETH treasury with 838.7K ETH . 

BitMine’s holdings account for two.34% of ETH’s whole provide, which is greater than half the agency’s objective to carry 5%.

BitMine Share Woes Proceed

BitMine’s ETH accumulation has been accompanied by a drop within the agency’s share worth in current weeks. 

That steepened on Friday, when its shares plummeted greater than 11%, in response to Google Finance. It’s down an extra 1% in after-hours buying and selling

BitMine share worth (Supply: Google Finance)

Kerrisdale Capital mentioned this week that’s has shorted BitMine, calling the agency’s ETH treasury technique a ”relic.”

In a analysis observe, Kerrisdale mentioned traders are higher off simply shopping for ETH instantly. 

This isn’t the primary report relating to a crypto firm from the short-seller. It has additionally wager in opposition to Riot Platforms and Michael Saylor’s Technique. Riot Platforms mentioned Kerrisdale’s feedback had been “unsound,” whereas Technique ignored it.

Regardless of the criticism, BitMine shares have soared greater than 671% over the previous six months.

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