Tom Lee’s BitMine Buys Dip Amid ‘Superficial’ Crypto Selloff, Adds $214M to Ethereum

Leading Ethereum company BitMine Immersion Technologies bought its largest holding of 2026 ETH last week, adding 126,971 ETH or about $214 million worth of the second largest cryptocurrency on the market.

The company’s big acquisition comes amid what the company sees as a “boost” for Ethereum following the discovery of AI for Zcash’s cryptographic risk. Uncertainty about whether the threat was actually used led to a 40% fall in the price of Zcash’s ZEC token last week, though it recovered some of those losses.

“The massive investment in crypto, in our opinion, is speculative,” said BitMine President Tom Lee, in a statement. (Disclaimer: Lee is Investor in DecryptParent company, Dastan).

“AI systems have found flaws in the central financial system and weak protocols,” he said. “We believe that this strengthens the application process and the market for products that need to be robust and reliable for blockchains such as Ethereum.”

Ethereum is back around 4% in the last 24 hours, but still fell about 15% in the last trading week, recently changing hands around $1,686.

“We believe that ETH prices should not be forced,” Lee added.

Thanks to his latest purchase, BitMine’s wealth has grown to 5,543,872 ETH worth about $9.3 billion. From its completion, approximately 85% are currently at risk through the Made-in-America Validator Network (MAVAN), giving them an annual revenue of approximately $230 million.

If it were to spend all of its money, it plans to reach about $270 million, according to Lee.

Ethereum fell to its lowest price in more than a year last week, falling to around $1,522 late Friday before the weekend began. The recent drop has made BitMine deep in unrealized losses, and its Ethereum assets are currently about $9.7 billion under water, according to data from. DropsTab.

Last week, BitMine announced plans to launch a preferred stock offering a 9.5% annual dividend, in line with the $54 billion Bitcoin treasury giant’s strategy. The company raised the stake to 3.5 million shares at $80 each, he said about $274 million after a fee to facilitate the future acquisition of ETH and other business purposes.