Tom Lee’s Bitmine Acquires $84M ETH Amid Market Dip, Onchain Data Shows

TLDR

• Bitmine acquired 40,000 ETH worth $84M via FalconX and BitGo, onchain data confirms.
• Bitmine holds over 4.3 million ETH, according to its latest official treasury report.
• Chairman Tom Lee described large unrealized losses as part of a long-term ETH strategy.
• The firm’s ETH purchase aligns with Lee’s view of the dip as a buy-in opportunity.

Blockchain data shows that Bitmine has acquired 40,000 ETH worth $84 million from FalconX and BitGo. The purchase took place amid a decline in the broader crypto market, marking another large-scale Ethereum acquisition by the firm.

Bitmine’s Ethereum treasury has now crossed 4.3 million ETH. This follows the company’s ongoing accumulation strategy led by its chairman, Tom Lee. Onchain records from February 9 confirm the transaction, and analysts have noted that such movements reflect confidence in Ethereum’s long-term value.

Tom Lee Calls Pullback an ‘Attractive’ Entry Point

Tom Lee, Bitmine’s chairman, referred to the current market conditions as an “attractive entry point” for institutional investors. Speaking recently, he noted that downturns create strategic buying windows for assets like Ethereum.

“Large unrealized losses are expected during phases like this,” Lee said. “Our approach focuses on long-term treasury growth, not short-term pricing.” The comment indicates the company’s position remains steady despite recent price volatility. Bitmine has previously continued to build its ETH holdings even in bearish phases.

Bitmine’s Long-Term Ethereum Strategy Continues

Bitmine has been steadily increasing its Ethereum holdings over the past two years. The recent $84 million ETH buy is one of its largest single-day accumulations, according to publicly visible blockchain data.

The firm’s strategy has prioritized accumulating digital assets during low-price windows. Bitmine’s official filings report that its ETH holdings now exceed 4.3 million ETH, making it one of the largest known institutional Ethereum holders globally.

Onchain Data Shows ETH Flow from FalconX and BitGo

The transaction was verified using onchain analytics tools. The movement of 40,000 ETH came from wallets linked to FalconX and BitGo. These platforms are frequently used by institutions for large-volume transactions due to their custodial services and trading infrastructure.

Analysts say such purchases often signal institutional confidence. The Ethereum acquired by Bitmine was moved to a known Bitmine-controlled wallet shortly after the transaction, suggesting direct treasury integration. Both FalconX and BitGo declined to comment on the individual transaction.

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