BitMine Immersion Technologies, chaired by analyst Tom Lee, executed another major accumulation of Ethereum despite the market’s ongoing weakness.
On-chain data from Lookonchain shows the firm withdrew 22,676 ETH—valued at $68.67 million—from a BitGo hot wallet, indicating a deliberate long-term purchase rather than short-term trading activity.
The move continues BitMine’s pattern of regular ETH buys, reinforcing its strategy of building substantial exposure during volatile periods. Market watchers note that such aggressive accumulation reflects confidence in Ethereum’s long-term fundamentals, especially as institutional interest widens.
Lee’s firm has emerged as one of the most consistent corporate ETH buyers this year.
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