Tom Lee's BitMine Adds $838 Million More in Ethereum Amid Market Chaos

Core Insights - BitMine Immersion Technologies, a leading publicly traded Ethereum treasury firm, has capitalized on the recent dip in cryptocurrency prices by acquiring 202,037 ETH, valued at approximately $838 million, increasing its total ETH holdings to 3,032,188 ETH, worth over $12.5 billion [1][2] - The firm aims to accumulate 5% of the total Ethereum supply, having already secured more than 3 million ETH at an average price of $4,154, which is close to the current price of about $4,163 [3] - BitMine is now the largest publicly traded Ethereum treasury company and the second-largest crypto treasury overall, following Strategy, which holds over $73 billion in Bitcoin [2] Market Context - The recent decline in ETH prices, which fell to as low as $3,686 amid significant crypto liquidations totaling $19 billion, was influenced by geopolitical tensions, specifically threats of new trade tariffs from President Trump [4] - Following the price drop, ETH has rebounded, gaining over 9% in the last 24 hours as market sentiment improved with a softening of trade war rhetoric [4] - Other firms, such as MARA Holdings, have also taken advantage of the market dip, purchasing $46 million in BTC during the downturn [5] Company Performance - BitMine's shares (BMNR) opened approximately 4.35% higher on Monday, trading at $54.75, although they have seen a decline of around 9.35% over the last five trading days [6]