Tom Lee's BitMine Buys The Dip With $480 Million ETH Buy

Tom Lee’s BitMine is shopping for the dip, snapping up $480 million value of Ethereum after the most recent market sell-off.

Lookonchain stated on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase adopted a flash crash triggered by US President Donald Trump’s announcement that he would slap extra 100% tariffs on China’s exports.

”It’s simpler for BitMine to attain the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH,” stated BitMine, the biggest ETH treasury agency. ”PS: simply truth.”

FACT: It’s simpler for BitMine to attain ‘the alchemy of 5%’ at $3,800 ETH than $10,000 ETH

PS: only a truth

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 11, 2025

BitMine Desires To Personal 5% Of ETH’s Provide

The biggest altcoin by market cap had plunged as little as $3,504.32 from above $4k prior to now 48 hours, in response to knowledge from CoinMarketCap.

ETH value (Supply: CoinMarketCap)

ETH is now down greater than 16% over the previous week to commerce at $3,802.79 as of 1:08 a.m. EST. 

Knowledge from StrategicETHReserve reveals BitMine holds round 2.83 million ETH value roughly $10.76 billion on its steadiness sheet. SharpLink Gaming has the second-largest ETH treasury with 838.7K ETH . 

BitMine’s holdings account for two.34% of ETH’s complete provide, which is greater than half the agency’s purpose to carry 5%.

BitMine Share Woes Proceed

BitMine’s ETH accumulation has been accompanied by a drop within the agency’s share value in current weeks. 

That steepened on Friday, when its shares plummeted greater than 11%, in response to Google Finance. It’s down an additional 1% in after-hours buying and selling

BitMine share value (Supply: Google Finance)

Kerrisdale Capital stated this week that’s has shorted BitMine, calling the agency’s ETH treasury technique a ”relic.”

In a analysis be aware, Kerrisdale stated traders are higher off simply shopping for ETH immediately. 

This isn’t the primary report relating to a crypto firm from the short-seller. It has additionally wager towards Riot Platforms and Michael Saylor’s Technique. Riot Platforms stated Kerrisdale’s feedback have been “unsound,” whereas Technique ignored it.

Regardless of the criticism, BitMine shares have soared greater than 671% over the previous six months.

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