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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/14/2026

Bitmine Adds $68M in ETH as Tom Lee Flags New Uptrend

What happened: Bitmine Immersion Technologies purchased 27,180 ETH (about $68 million) this week, bringing its total holdings to 5.

Bitmine Adds $68M in ETH as Tom Lee Flags New Uptrend

What happened: Bitmine Immersion Technologies purchased 27,180 ETH (about $68 million) this week, bringing its total holdings to 5.96 million ETH—roughly 4.9% of Ethereum's circulating supply. Chairman Tom Lee highlighted that the ETH/BTC price ratio has reached its highest point since January, breaking a four-year downtrend. Lee cited Ethereum's growing role in Wall Street tokenization and potential for "agentic-AI" asset management as key drivers, alongside the upcoming Clarity Act vote and renewed Korean retail interest.

Why it matters: Bitmine's accumulation strategy signals sustained institutional confidence in Ethereum, especially as it nears its 5% supply target. The breaking of the ETH/BTC downtrend could mark a shift in market sentiment, potentially attracting further capital inflows. However, Lee has hinted at a slower pace of accumulation as the 5% milestone approaches, suggesting that Bitmine's aggressive buying may taper off in the near term.

Source: CoinDesk