Bitmine Adds 40,000 ETH as Tom Lee Defends Buying Strategy Amid Market Uncertainty

Ethereum treasury firm Bitmine continues its aggressive accumulation strategy, purchasing an additional 40,000 ETH valued at approximately $82 million despite ongoing market headwinds. On-chain analytics platform Lookonchain, citing Arkham data, confirmed the latest acquisition, which follows a 71,179 ETH purchase just the week prior.

The company's total Ethereum holdings now exceed 4.7 million ETH, representing nearly 4% of the entire circulating supply. This puts Bitmine well on its way toward its self-described "Alchemy of 5%" target — a long-term goal to control 5% of all ETH in existence, cementing its position as the largest Ethereum treasury firm in the world.

Despite the bold accumulation, Bitmine is currently carrying a substantial unrealized loss of roughly $7.6 billion on its ETH portfolio, based on an average purchase price of $3,271 per token, according to DropsTab data. That paper loss has dragged the company's stock down more than 30% year-to-date, though shares did manage a modest 2% recovery over the past week — mirroring Ethereum's own 3% weekly gain.

Chairman Tom Lee addressed the seemingly counterintuitive buying approach directly, arguing that current macro conditions do not justify panic. Lee pointed out that while oil prices have climbed to around $106 per barrel amid the ongoing U.S.-Iran conflict, that figure remains well below prior inflation-adjusted peaks. In real terms, oil would need to hit $220 today to match its 2008 high — suggesting the economic strain may be more manageable than headlines imply.

Lee also highlighted that both Bitcoin and Ethereum have held above their February 6 lows throughout the five weeks since the war began, signaling resilience in the crypto market relative to traditional risk assets. For Bitmine, that strength appears to be justification enough to keep buying.