BitMine Still Buying The Dip, Tom Lee Has Scooped $1.7B ETH Since Crash

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Ah, BitMine Immersion Technologies, always the life of the crypto party! They’ve made yet another glorious acquisition of Ether, their fourth one since the historic liquidity flush on October 10. How utterly expected, darling.

This time, the company nabbed a dainty $250 million worth of ETH from Bitgo and Kraken, according to Arkham Intelligence, who oh-so-helpfully pointed out, “These accounts match Bitmine’s prior acquisition pattern.” Well, bless their hearts for noticing.

“Will Tom Lee ever stop buying?” Oh, darling, I do hope not. Where would the fun be if he did?

A Modest 3.2 Million ETH Holdings

Let’s talk numbers, shall we? BitMine’s wallets have casually added 63,538 ETH this week and 379,271 ETH the week before. That brings their total to a cheeky 442,809 ETH, worth a quaint $1.74 billion at today’s prices. No biggie.

Tom Lee’s infamous dip-buying frenzy, which no one else in the Bitcoin treasury world seems to be copying (how rude!), has now pushed BitMine’s total to around 3.17 million ETH. Official confirmation from the company? Not yet. But we can all guess what’s going on, can’t we?

So now, they hold about 2.6% of the entire ETH supply, and they’re halfway to their rather lofty goal of 5%. Who doesn’t love a bit of ambition?

From 163,000 ETH to 3.24 MILLION ETH in just 3 months. Oh, to be that efficient!

Week after week, they’ve been stuffing their bags with ETH like a squirrel in autumn:

July 14 – 163K

Aug 10 – 1.15M

Sept 14 – 2.15M

Oct 19 – 3.24M

At this rate, they’ll own 5% of all $ETH in… what, 2026? Who’s counting?

– BMNR Bullz (@BMNRBullz) October 20, 2025

Tom Lee, bless him, isn’t buying into the doom and gloom. He’s convinced that we’re not at the top of the crypto cycle. “So I think we’re at the basement and working our way back up,” he told CNBC, as if we didn’t already know.

And wait-there’s more! Lee has been very hush-hush about BitMine preparing to roll out its very own Ethereum staking solution. How exciting. Next, he’ll be launching a line of luxury crypto rugs.

Coinbase is also feeling a bit bullish about Q4, as they have noticed that digital asset treasury companies (DATs) are apparently having quite the impact on markets this year. Well, it must be nice to be noticed.

David Duong from Coinbase, ever the optimist, penned a research paper about the supply/demand picture and how hard it is to overstate the impact of DATs. Frankly, darling, it’s hard to overstate anything in crypto, isn’t it?

The Ether Price Plunge

Ah, the daily drama of the crypto market-Asia pushes things up, and America pulls them back down. A proper see-saw affair. As a result, Ether prices have dipped back below $4,000. How original!

ETH hit an intraday high of $4,080 early on Monday, but of course, America decided to get involved, selling it back down to $3,940. How predictable. The asset has barely recovered from its double dip earlier this month and will need to break $4,000 and hold it to really go anywhere.

Ethereum’s weekly chart is “loading a monster move,” according to analyst ‘Merlijn the Trader,’ who’s practically salivating over the prospect. Apparently, it pumped 70% the last time we saw this-don’t we all wish for a 70% pump, darling?

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2025-10-21 09:23