Tom Lee’s BitMine buys the dip with a $480 million ETH purchase

Tom Lee’s BitMine Buys the Dip, Raises $480 Million in Ethereum After the Market’s Latest Selloff.

Look at chain said on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase followed a sudden crash caused by US President Donald Trump’s announcement that he would impose additional 100% tariffs on Chinese exports.

“It is easier for BitMine to achieve the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH,” said BitMine, the largest ETH treasury company. “PS: just a fact.”

FACT: It is easier for BitMine to achieve ‘the alchemy of 5%’ at $3,800 ETH than $10,000 ETH

PS: just a fact

– Bitmine (NYSE-BMNR) $ETH (@BITMNR) October 11, 2025

BitMine wants to own 5% of the supply of ETH

According to data from CoinMarketCap, the largest altcoin by market capitalization had fallen to $3,504.32 in the past 48 hours, from above $4k.

ETH price (Source: CoinMarketCap)

ETH is now down over 16% to trade in the past week $3,802.79 as of 1:08 a.m. EST.

Facts from StrategicETHReserve shows that BitMine has approximately 2.83 million ETH worth approximately $10.76 billion on its balance sheet. SharpLink Gaming has the second largest ETH treasury with 838.7K ETH.

BitMine’s holdings account for 2.34% of ETH’s total supply, which is more than half of the company’s goal of owning 5%.

BitMine stock woes continue

BitMine’s ETH accumulation has been accompanied by a decline in the company’s stock price in recent weeks.

That got even steeper on Friday, when shares plunged more than 11%, according to Google Finance. It is down another 1% in after-hours trading

BitMine stock price (Source: Google Finance)

Kerrisdale Capital said this week that it has cut BitMine, calling the company’s ETH treasury strategy a “relic.”

In a research note, Kerrisdale said investors would be better off just buying ETH directly.

This isn’t the short seller’s first report on a crypto company. It has also wagered against Riot Platforms and Michael Saylor’s strategy. Riot Platforms said Kerrisdale’s comments were “defective”, while Strategy ignored it.

Despite the criticism, BitMine shares are up more than 671% in the past six months.

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