Bitmine Gobbles $145M in ETH Like a Whale at an All-You-Can-Eat Buffet, Tom Lee Declares Crypto Winter's Last Gasp

Bitmine Immersion Technologies – the Ethereum treasury vehicle steered by Fundstrat’s ever-bullish Tom Lee – just vacuumed up another $145 million worth of ether, proving that even in crypto, some entities treat dips like a Black Friday sale. On-chain detectives at Lookonchain, peering at Arkham data, caught two Bitmine wallets snagging 67,111 ETH from Kraken on Tuesday, a move also flagged by the watchful eyes at EmberCN.

This latest shopping spree bloats Bitmine’s digital hoard to a staggering 4.66 million ETH (a cool $10 billion) as of March 22, meaning they now hold roughly 3.86% of Ethereum’s circulating supply—a position that would make even a dragon jealous. The firm had already telegraphed its appetite in a Monday filing, noting it swallowed 65,341 ETH since its last update on March 16.

Lee, who likely has “HODL” engraved on his coffee mug, framed the aggressive buying as a bet that ETH is in the “final stages of the ‘mini-crypto winter,’” a sentiment that will either look prophetic or painfully optimistic depending on which way the macro winds blow next.

According to data from StrategicETHReserve, Bitmine continues to reign as the undisputed heavyweight champion of known ether treasuries, leaving second-place SharpLink Gaming (~863,021 ETH) and third-place The Ether Machine (~496,712 ETH) looking like mere bag-holders in comparison.

Over in the traditional finance arena, Bitmine’s stock ticker BMNR dipped 2.21% to close at $20.8 on Tuesday, before staging a modest 1.88% after-hours recovery—a classic case of the stock trying to catch up to the conviction shown by its own treasury. Despite the recent nibble of green, the equity is still licking its wounds from a brutal ~60% haircut over the past six months, a reminder that Wall Street still hasn't quite figured out how to price a giant ETH piggy bank.