Crypto investment firm BitMine, headed by well-known market strategist Tom Lee, has made another bold move in the middle of a sharp market downturn.
The company has added 28,650 ETH — worth about $130 million — to its holdings, bringing its total Ethereum position to roughly 1.174 million ETH. At current prices, that stash is valued at around $5.26 billion, cementing BitMine’s place among the largest corporate Ethereum holders.
Blockchain intelligence from Arkham, shared by Lookonchain, shows the purchase was routed through over-the-counter (OTC) channels before being transferred into BitMine’s secure WalletSimple storage.
Using OTC transactions allows large-scale buyers to acquire assets without significantly impacting market prices, a strategy often used by institutions seeking stealth accumulation.
The timing of the buy underscores Lee’s long-term conviction in Ethereum’s potential. While prices tumbled, BitMine used the volatility as an entry point to expand its exposure — a tactic that mirrors institutional behavior seen in previous market cycles.
On-chain data reveals that multiple large ETH transfers hit BitMine-controlled wallets within a short timeframe, suggesting a coordinated buying operation.
For BitMine, this aligns with its broader strategy of acquiring quality digital assets during temporary price dips. The approach not only builds substantial positions at discounted rates but also avoids triggering disruptive price swings that can occur with open-market buys. Lee’s latest move reinforces his reputation as one of the most bullish voices on Ethereum’s long-term value proposition.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitmine-snaps-up-130m-in-ethereum-during-market-sell-off/