BitMine Accumulates $1.5B in Ether Despite Tom Lee’s Treasury Bubble Concerns
BitMine Immersion Technologies has quietly accumulated $1.5 billion worth of Ether (ETH) since last weekend’s record crypto market crash — even as Fundstrat’s Tom Lee warns that the digital asset treasury (DAT) bubble may have burst.
According to on-chain data from Arkham Intelligence and tracker BMNR Bullz, BitMine purchased 379,271 ETH across three separate buys this week:
- 202,037 ETH after the weekend crash
- 104,336 ETH on Thursday
- 72,898 ETH on Saturday
If confirmed, these purchases would bring BitMine’s total Ether holdings to over 3 million ETH — roughly 2.5% of the total supply, valued at $11.7 billion. The company reportedly aims to hold 5% of all circulating Ether and began its accumulation drive in July 2025, when ETH was trading near $2,500.
Tom Lee: “Ethereum Could Flip Bitcoin”
Despite caution over treasuries, Tom Lee remains one of the strongest Ether bulls. Speaking with ARK Invest CEO Cathie Wood on Thursday, he compared Ethereum’s potential to Bitcoin’s early dominance.
“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post-’71,” Lee said.
The DAT Bubble May Be Deflating
Lee also acknowledged signs that the digital asset treasury market is cooling.
Many DATs are reportedly trading below their net asset value (NAV) — a clear sign of declining investor enthusiasm.
“If that’s not already a bubble burst… how would that bubble burst?” Lee told Fortune.
Research from 10x Research supported this view, noting that leading treasuries such as Metaplanet and Strategy are currently trading near or below NAV. Still, they added that well-capitalized and actively managed DATs could “still generate meaningful alpha.”
Meanwhile, Huobi founder Li Lin has reportedly raised $1 billion to launch an Ether-focused treasury, aiming to capitalize on that very opportunity.
Gold Envy and Market Reset
Lee told CNBC that the recent crash left investors “licking their wounds,” adding that part of crypto’s underperformance could stem from “gold envy,” as the commodity continues to hit record highs in 2025.
“This is not the top of the crypto cycle,” Lee said. “Leverage has been flushed out — we’re at the basement and working our way back up.”
Crypto markets remain about 15% below their all-time highs from October 7, while gold has fallen roughly 3% from its recent peak.
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