Hassan Maishera
TL;DR
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Tom Lee’s BitMine has purchased 40,000 ETH from FalconX and BitGo, according to onchain data.
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The company now holds over 4.3 million ETH, its latest official statement shows.
BitMine Purchases 40,000 ETH
BitMine Immersion Technologies announced on Monday that it had added $83.6 million worth of ETH to its treasury, strengthening its bet on the future of Ethereum.
Data obtained from Arkham Intelligence shows that BitMine acquired 20,000 ETH from FalconX at around 12:40 p.m. on Monday. Onchain analytics provider Lookonchain also reported that the company bought another 20,000 ETH from BitGo within a similar timeframe.
Ether is currently trading around $2,007 as it is down by 3.7% in the last 24 hours.
Thanks to the latest acquisition, BitMine now holds 4,325,738 ETH ($9.14 billion). The company added that it had purchased 40,613 ETH in the week ended Feb. 8, bringing it to 72% of its target to acquire 5% of Ethereum's circulating supply. August 2025 all-time high of $4,946.
BitMine’s executive Chairman Tom Lee pointed out that Ethereum's network utility reached record levels despite the price decline.
Furthermore, BitMine is staking roughly 67% of its total ETH holdings, which produces $202 million in annualized revenue.
Lee added that,
"The best investment opportunities in crypto have presented themselves after declines. BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."
ETH’s price dipped below the $2k psychological level last week, sparking concerns among investors. However, Lee addressed the concerns regarding the company's large unrealized losses, saying they are an expected part of an Ethereum treasury strategy during market downturns.
He pointed out that BitMine will eventually outperform the market cycle, adding that he believes Ethereum is the future of finance.
