Tom Lee’s BitMine Adds Another $42 Million in Ethereum Despite Crypto Winter

BitMine, the largest corporate holder of Ethereum, purchased about 20,000 ETH — roughly $41.98 million — in a transaction reported on February 7 by Lookonchain, which cited Arkham Intelligence data. The buy increases the firm’s treasury and moves it closer to a long-term target of controlling 5% of Ethereum’s circulating supply; Strategic ETH Reserve data shows BitMine holds 4.29 million ETH, over 70% of that goal.

The acquisition arrives amid sharp price weakness. Ethereum has fallen roughly 31% over the past 30 days, trading around $2,117 at press time and dipping to $1,824 over the past week, its lowest level since May 2025. BitMine’s chair, Tom Lee, defended the stance, saying "Ethereum is the future of finance" and calling current volatility "a feature, not a bug," noting the network has survived seven drawdowns of 60% or worse since 2018.

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