Tom Lee-backed BitMine Immersion Technologies (BMNR) has once again made waves in the crypto market, reportedly adding more than 13,000 Ethereum tokens to its balance sheet in a single transaction. According to on-chain data cited by Lookonchain and Arkham Intelligence, the company purchased 13,412 ETH for approximately $40.6 million on Monday, reinforcing its aggressive accumulation strategy centered on Ethereum.
If confirmed, the latest acquisition would push BitMine’s total Ethereum holdings beyond the 4 million mark, further cementing its position as the world’s largest corporate Ethereum-focused digital asset treasury.
Credits: stocktwits
On-Chain Data Signals Another Strategic Buy
The transaction was flagged by blockchain analytics platforms Lookonchain and Arkham Intelligence, which traced the purchase to a wallet linked to BitMine. Much like Michael Saylor’s Strategy (formerly MicroStrategy), BitMine has developed a pattern of announcing or executing large crypto buys at the start of the week—often triggering heightened market attention.
This purchase follows a massive buildup just last week, when BitMine added 102,259 ETH, lifting its holdings to around 3.87 million tokens at the time. The rapid pace of accumulation underscores the company’s conviction that Ethereum remains undervalued relative to its long-term role in decentralized finance, smart contracts, and tokenized assets.
Aiming for 5% of Ethereum’s Total Supply
BitMine has been explicit about its ambition: the company plans to accumulate as much as 5% of Ethereum’s total circulating supply. If achieved, this would give BitMine outsized influence among corporate holders of ETH and position it as a dominant institutional stakeholder in the Ethereum ecosystem.
Currently, BitMine already leads the pack. SharpLink Gaming (SBET), the next-largest Ethereum-focused corporate treasury, holds approximately 859,853 ETH—far behind BitMine’s rapidly expanding stash. Since pivoting to an Ethereum-based digital asset treasury model in June, BMNR has transformed from a relatively obscure name into a central player in crypto-linked equities.
Market Reaction: Stock Up, Sentiment Mixed
Investors reacted positively to the latest reported purchase. BMNR shares rose more than 3.5% in pre-market trading on Monday, building on a 10.31% gain in the previous session. On a year-to-date basis, the stock is up over 280%, and has surged more than 300% over the past 12 months—an extraordinary run driven largely by its Ethereum strategy.
However, retail sentiment tells a more nuanced story. On Stocktwits, sentiment around BMNR slipped to “extremely bearish” from “bearish” territory, while overall chatter dropped from “normal” to “low.” This divergence suggests that while price momentum remains strong, some retail investors are growing cautious after the stock’s sharp rally.
Ethereum Outperforms Bitcoin, Holds Above $3,000
Ethereum itself showed resilience on Monday, holding above the psychologically important $3,000 level. The token was up about 1.5% over the past 24 hours, outperforming Bitcoin during the same period. ETH also emerged as one of the top trending tickers on Stocktwits, with chatter rebounding to “normal” levels even as sentiment remained broadly bearish.
Tom Lee, a long-time crypto bull and BitMine backer, noted recently that crypto prices have stabilized after the October 10 price shock, signaling the early stages of a recovery phase. That stabilization appears to be giving large holders like BitMine the confidence to continue accumulating.
Fundstrat Sounds a Note of Caution
Despite BitMine’s aggressive buying, caution flags are emerging from within the broader crypto research community. Fundstrat, led by Lee, has warned clients to prepare for a broad crypto correction in the first half of 2026.
In a base-case scenario outlined by Fundstrat’s head of crypto research, Sean Farrell, Bitcoin could fall to the $60,000–$65,000 range, while Ethereum may retrace to between $1,800 and $2,000. Solana, meanwhile, could slide to $50–$75. The warning highlights the inherent volatility of the asset class, even as institutional participation deepens.
Credits: CryptoSlate
A High-Conviction, High-Risk Strategy
BitMine’s Ethereum-first strategy has clearly paid off so far, transforming its stock into one of the market’s most explosive crypto-linked plays. Yet with valuations elevated and macro uncertainty looming, the company’s bet represents both high conviction and high risk—one that will be closely watched as the crypto cycle evolves heading into 2026.
