BitMine Adds 127,000 ETH as Tom Lee Calls Crypto Selloff “Superficial”

BitMine acquired 127,000 ETH for $214 million, lifting total holdings to 5.54M ETH worth $9.3B, as Tom Lee characterized the broader selloff as “superficial” and treasury accumulation continues.

BitMine Immersion Technologies acquired 127,000 ETH for approximately $214 million during the past week at an average price near $1,685, the firm disclosed Monday. The purchase lifts total treasury holdings to 5.54 million ETH worth roughly $9.3 billion, representing approximately 4.6% of Ethereum’s circulating supply.

Chairman Tom Lee, the Fundstrat founder who runs BitMine’s treasury strategy, characterized the broader crypto market drawdown as “superficial” in a statement accompanying the acquisition. Lee argued that institutional treasury demand for ETH has not meaningfully slowed despite the recent price action, citing ongoing flows from corporate treasury programs and a structural undersupply relative to growing demand. Total crypto and cash holdings now stand at $9.6 billion, including the 5.54 million ETH position, 203 BTC, a $200 million stake in Beast Industries, a $97 million stake in Eightco Holdings, and roughly $446 million in cash.

This story is an excerpt from the Unchained Daily newsletter.

The timing of the acquisition is notable. Last Wednesday, BitMine filed for a $300 million perpetual preferred stock offering at a 9.5% annual dividend through Series A perpetual preferred stock listed under ticker BMNP. The filing applied Strategy’s STRC structure to BitMine’s Ethereum treasury, which has been sitting on roughly $9.2 billion in unrealized losses as ETH fell from around $5,000 in October 2025 to below $1,700 last week. Monday’s purchase signals BitMine intends to keep accumulating against the slide rather than slowing to preserve capital.

The structural argument behind BitMine’s strategy rests on ETH staking yields generated through the company’s MAVAN validator platform, which is designed to fund the preferred stock dividend obligation while continuing to compound the underlying ETH position. The math depends on whether MAVAN’s effective staking yield consistently clears the 9.5% dividend rate over time, and whether ETH price recovery supports the underlying treasury value. Lee’s “superficial” framing is the clearest signal yet that BitMine’s leadership views the current drawdown as a tactical buying opportunity rather than a structural reset of the ETH treasury thesis.

BMNR common stock has fallen nearly 50% from recent highs but has begun to stabilize. The preferred stock issuance is expected to begin trading within 30 days of the first issuance under the ticker BMNP.