BitMine Chairman Declares Ethereum Correction Over After $635M ETH Purchase

A massive vote of confidence just landed in the crypto market.

BitMine's chairman has publicly declared the Ethereum correction finished—and the company is putting its money where its mouth is. We're talking a staggering $635 million purchase of ETH, a move that screams institutional conviction and sends a clear signal to the market.

The Buy Signal Heard 'Round the Blockchain

This isn't a nibble; it's a whale-sized bite. When a major player allocates capital at this scale, it cuts through the noise of retail speculation. The chairman's statement frames the recent price action not as a downturn, but as a completed reset—a healthy correction paving the way for the next leg up.

Institutions Aren't Waiting for Permission

Forget waiting for regulatory perfection or Wall Street's formal invitation. This action bypasses the traditional gatekeepers. It's a direct deployment of capital based on a fundamental thesis, a stark contrast to the 'wait-and-see' approach plaguing some legacy finance boardrooms. It's almost as if they believe in the technology's value beyond just the quarterly earnings report—a novel concept for some finance veterans.

The message is clear: the smart money is building positions, not just talking about them. While pundits debate the macro environment, real capital is moving on-chain. This kind of decisive action often marks inflection points, turning sentiment from fear back to greed. One firm's correction is another's generational buying opportunity.

Over USD 635 Million in ETH Accumulated in Weeks

According to BitMine’s official disclosures, the company now holds, valued at roughlyat current market prices.

BitMine made several substantial purchases during the recent dip:

• USD 435 million worth of ETH in the first week of December
• USD 200 million allocated on November 24
• An additional 4,871 ETH purchased on December 9

In total, the company has accumulatedin ETH within a short timeframe.

These purchases came immediately after ETH briefly fell to. Following Lee’s comments, ETH rebounded to.

BitMine’s stock has surged, and the company plans to issue aon December 29, which is an unusual MOVE for a crypto-focused firm.

Lee Favors ETH Over BTC for the Next 10–15 Years

Lee emphasized a long-term preference for Ethereum over Bitcoin, projecting stronger multi-year performance for ETH.

He cited key reasons:

• The value locked on Ethereum relative to market cap is nearing the 50% threshold often considered a bottom indicator.
• The ETH/BTC price ratio is near 0.032, well below its eight-year average.
• A return to historical ratio levels could push ETH toward USD 12,000, according to Lee’s analysis.

Lee compared the current macro environment to, when the U.S. abandoned the Gold standard, arguing that another major structural shift in global finance may be unfolding.

He also noted that expectations of Federal Reserve rate cuts are boosting risk assets such as crypto.

Additionally, Lee said the market has been recovering for more than eight weeks since the “,” and conditions are shifting back toward fundamentals-driven trading.

The post BitMine Chairman: Ethereum Correction Is Over as Company Buys USD 635M in ETH appeared first on icobench.com.