Tom Lee’s BitMine Goes Big on ETH: Scoops Up $12.3B During Market Dip—Bullish Bet or Desperate Gamble?

Wall Street’s crypto darling just doubled down—hard. BitMine, the digital asset arm of Tom Lee’s Fundstrat, quietly amassed a $12.3 billion Ethereum position while retail investors panicked. Was it genius timing… or another case of 'smart money' playing with other people’s capital?

The move screams conviction—or recklessness, depending who you ask. ETH’s price had tanked 30% in Q3 amid regulatory FUD, but BitMine’s team saw blood in the water. 'Buy when there’s fear' isn’t new—but dropping twelve billion? That’s either a masterstroke or a future case study in hubris.

Meanwhile, traditional finance whales scoff. 'They’ll regret it when the SEC reclassifies ETH as a security,' muttered one hedge fund manager between sips of $28 artisanal coffee. Jokes aside, this play could reshape ETH’s institutional narrative overnight—if it pays off.

BitMine now owns 2.9% of all ETH 

BitMine Immersion Technologies has announced that it took the recent dip in ETH as an opportunity to buy more, and now its holdings total $13.2 billion. The company’s crypto holdings now comprise 3,505,723 ETH at $3,639 per ETH, 192 bitcoin (BTC), $61 million stake in Eightco Holdings, and unencumbered cash of $398 million.

“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” said Thomas “Tom” Lee of Fundstrat, Chairman of BitMine. “We acquired 110,288 ETH tokens over the past week, 34% more ETH acquired compared to the week prior. This pushed our ETH holdings to 3.5 million, or 2.9% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH. Additionally, BitMine increased our cash holdings to $398 million from $389 million.”

With its current stash, BitMine crypto holdings are now regarded as the number one ethereum treasury and number two global treasury, behind Strategy Inc. (MSTR), with its 641,205 BTC valued at $67 billion. As far as ETH is concerned, however, BitMine comes first.

“This past week, BitMine and the Ethereum Foundation hosted an event at the revered NYSE building, hosting many financial institutions for a summit,” Lee also said. According to him, the event is proof that Wall Street is very interested in tokenizing assets onto the blockchain in a bid to create greater transparency and unlock new value for issuers and investors. 

“This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade,” Lee stated. Lee’s bet on ETH has been paying off for BitMine, whose stock is now one of the most widely traded stocks in the US. 

According to data from Fundstrat, the stock has traded an average daily dollar volume of $1.6 billion, ranking number 48 in the US, behind Lam Research and ahead of Arista Networks among 5,704 US-listed stocks. This is despite the fact that crypto had its largest-ever single-day deleveraging event on October 10, with crypto trading volumes still in recovery.

Lee expects things will get even better as the fourth quarter is seasonally a strong time for crypto and equity prices. 

Propanc Biopharma launches $100M ETH digital asset treasury 

Propanc Biopharma, Inc., a biopharmaceutical company developing new treatments for patients suffering from recurrent and metastatic cancer, is the latest to enter into a securities purchase agreement for a private placement of up to $100 million in convertible preferred stock.

The agreement, which was established with Hexstone Capital LLC (“Hexstone”), a family office that has invested in a significant number of digital asset treasury (DAT) companies, will see the funds deployed to support its digital asset acquisition strategy and accelerate the company’s R&D pipeline. 

Upon closing, the company received an initial investment of $1 million based on the issue of 100 shares of newly designated Series C Convertible Preferred Stock, each with a par value of $0.01 and an initial stated value of $10,000.

James Nathanielsz, Propanc’s Chief Executive Officer, expects the partnership to enable the company to accelerate its unique proenzyme technology to “clinical development and beyond.” 

“Our business model will revolutionize the way we fund and grow our intellectual property portfolio, fast track our R&D processes and expand our development program so that we can target not only patients suffering from metastatic cancer from solid tumors, but several chronic diseases based upon the mechanism of action of proenzyme therapy. This is our vision. We look forward to updating you as we progress,” Nathanielsz added.

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