BitMine Doubles Down on Ether With $70M Buying Spree Despite Market Slump

While retail investors panic-sell, one mining giant just placed a massive bet on Ethereum's future.

The Bold Move Against the Grain

Forget the red on your screens. In a move that screams conviction over fear, a major player in the crypto mining sector has just executed a staggering $70 million acquisition of Ether. This isn't a timid dip-buying strategy; it's a full-throated declaration of faith in the second-largest blockchain's long-term roadmap, executed while the broader market sentiment hovers somewhere between cautious and downright gloomy.

Decoding the Signal in the Noise

Market slumps typically trigger a flight to safety—or at least to perceived stability. This capital allocation flips that script entirely. It suggests a calculated view that current prices represent a structural discount, not a fundamental breakdown. The buy targets the core asset of the smart contract ecosystem, betting on utility and network adoption over fleeting market narratives. It's the kind of move that makes you wonder if the so-called 'smart money' on Wall Street is still trying to figure out their cold storage wallets.

What This Means for the Ecosystem

Actions speak louder than analyst reports. A commitment of this scale from an industry insider does more than just soak up supply; it sends a powerful signal through the institutional pipeline. It validates the asset class for other corporate treasuries and funds still sitting on the sidelines. This isn't just a trade—it's a strategic position in the infrastructure of decentralized finance, taken by a company whose entire business depends on reading crypto cycles correctly.

The herd is often wrong at the extremes. While traditional finance dabbles in tokenized treasuries and debates ETF fees, real builders are accumulating the foundational blocks of the new internet. Sometimes, the most bullish signal isn't a price chart hitting an all-time high, but a nine-figure check written during the doubt.

BitMine Bet on Ether Deepens Despite Paper Losses

BitMine positions itself as the biggest Ether-focused digital-asset treasury by a wide margin, according to industry trackers.

The company says it now holds around 3.7 million ETH at an average cost of $3,008 per token, leaving it underwater at current prices.

Even so, management has not slowed purchases. The firm claims it is roughly 62% of the way toward a longer-term target of controlling 5% of the total Ether supply.

It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 7,080 $ETH($19.8M) 2 hours ago.https://t.co/yZbTCFm9GT pic.twitter.com/JHb3WYDa0a

Last month, Tom Lee, executive chair of BitMine, said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.

Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.

Lee noted that his firm first recommended bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000.

Since then, Bitcoin suffered several drawdowns of up to 75%, yet still surged more than 100-fold from that initial call.

“We believe ETH is embarking on that same Supercycle,” he wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.

“To have gained from that 100x Supercycle, one had to stomach existential moments to HODL.”

ETH has trailed Bitcoin for much of 2025, even as the market reached new record highs. Ether notched its all-time high of $4,946 in August, while Bitcoin topped out above $126,000 in October.

BitMine Names New CEO

BitMine has also appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.

Last month, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect immediately.

“With its substantial ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.

Alongside the leadership change, BitMine appointed three new independent board members.

As repored, Ethereum whales have significantly increased their exposure as ETH hovers near $3,000, a trend analysts say has historically preceded major market reversals.

CryptoQuant data shows wallets holding between 10,000 and 100,000 ETH have accumulated 7.6 million ETH since April, a 52% jump, while smaller holders continue to trim their balances.