The world’s largest Ethereum treasury company shows no signs of fear or doubt as it continues to aggressively accumulate the asset.
Retail traders may be panic-selling Ether today, but Tom Lee’s BitMine Immersion Technologies remains bullish. The company reported on Monday that it had accumulated 102,259 ETH worth more than $300 million over the past week.
“Tom Lee still has $1 billion in cash. Will he keep buying the dip?” asked Arkham Intelligence
“Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th,” said Tom Lee. However, this was before the market crash yesterday.
BitMine currently holds 3.97 million ETH, or approximately 3.2% of the total supply, valued at around $11.6 billion. It also holds 193 BTC worth around $16.5 million and has $1 billion in cash.
Lee continued to state that the firm has made progress on its staking solution, known as The Made in America Validator Network (MAVAN).
“This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026.”
Speaking on CNBC on Monday, he said that there have been concerns about the quantum threat and the huge deleveraging event in October, “but the crypto fundamental story is exiting on a really high note this year.”
“The US government passed legislation and regulations favorable for crypto, and we know Wall Street has expressed a lot of interest in building products on the blockchain … so its almost like both have great visibility, but the price levels are what’s being uncertain.”
Lee concluded that in crypto, “the best years are definitely ahead.”
Lee’s comments came before Ether prices lost support and tanked below $3,000 in late trading on Monday. ETH briefly fell below $2,900 during early trading in Asia on Tuesday, its lowest level since the big leverage flush on December 2.
It is currently down 41% from its all-time high, and the downtrend appears to be continuing, despite the overwhelmingly bullish fundamentals for the network and asset.
