Tom Lee Predicts Ether Bottom as BitMine Adds $21M in ETH

Tom Lee Calls Ethereum Bottom Amid Market Volatility

Tom Lee, managing partner at Fundstrat Global Advisors, has publicly forecasted that Ethereum (ETH) could bottom out within hours following a sharp market downturn. Posting on X (formerly Twitter) at 1 a.m. UTC on Tuesday, Lee said he expected the market to stabilize soon:

“Calling ETH bottom to happen in next few hours.”

His call came as the crypto market faced a  $200 billion liquidation event, driving both Bitcoin (BTC) and Ethereum lower.

Market Conditions: Ethereum Rebounds After Dip

Ethereum dropped more than 7% to $4,313 on Coinbase during Tuesday’s selloff, before quickly recovering above $4,430 at the time of writing.

Related: Bitcoin Rebounds from “Fear Zone,” but Santiment Warns FUD Could Return

Source: Udi Wertheimer

Mark Newton, Fundstrat’s managing director of technical strategy, supported Lee’s outlook, describing ETH as a strong “risk/reward” play at current levels. He suggested Ethereum was unlikely to break below last week’s low and could soon test higher price ranges:

• Expected bottom: ~$4,300

• Short-term targets: $5,100 to $5,450

At current prices, ETH is trading around 11% below its all-time high.

BitMine buys the dip. Source: Arkham 

BitMine Buys the Dip: $21M in Ether Added

While analysts debated price levels, BitMine Immersion Technologies took decisive action. The company purchased 4,871 ETH worth $21.3 million, according to blockchain analytics firm Arkham Intelligence.

This latest acquisition raises BitMine’s total Ethereum treasury to 1.72 million ETH, valued at $7.5 billion at current market prices.

BitMine’s Balance Sheet Growth

BitMine has been scaling aggressively in recent weeks:

• On Monday, it disclosed a $2.2 billion increase in crypto and cash holdings, bringing the total to $8.8 billion.

• The company added over 190,500 ETH in the past week.

• Its net asset value (NAV) per share rose to $39.84, up sharply from $22.84 in late July, based on 221.5 million fully diluted shares outstanding.

With this accumulation, BitMine controls nearly 40% of all ETH held by corporate treasuries, based on data from StrategyEthReserve.

BitMine increases its lead as the second-largest crypto treasury. Source: BitMine

Corporate Treasuries Fuel Crypto Accumulation

BitMine currently leads Ethereum corporate holdings, while MicroStrategy, headed by Michael Saylor, dominates the Bitcoin treasury market. Just one day earlier, MicroStrategy purchased 3,081 BTC for $357 million at an average price of $115,829 per coin.

The growing role of corporate entities like BitMine and MicroStrategy underscores the institutional adoption of crypto as a treasury reserve strategy, with both firms doubling down during market dips.

Conclusion

Tom Lee’s call for an imminent Ethereum bottom coincides with BitMine’s continued accumulation, signaling confidence from both analysts and institutions despite market turbulence.

If Ethereum does rebound from the $4,300 zone, BitMine’s $21 million purchase could further validate its aggressive strategy — and reinforce the growing trend of crypto treasuries shaping market dynamics.

Related: Bitcoin Analyst Predicts $145K Target as BTC Holds Firm Above $100K