Tom Lee’s BitMine Keeps Buying ETH, Adds $150M Despite DAT Purchases Crashing 81%

Tom Lee’s Bitmine has continued buying Ethereum despite the broader treasury companies lagging in the trend.

The firm bought ETH worth $150 million that increased its ownership of the token supply to 3%. On-chain data from Arkham shows the firm accumulated 18,345 ETH through BitGo and another 30,278 ETH via Kraken.

BitMine has consistently expressed its goal of building up to 5% of the total supply of Ethereum. This is in a bid to tap into ETH’s rising role in settlement systems, tokenization, and wider financial services.

However, the firm’s stock, BMNR, had fallen over 81% from its peak. This means investor confidence has dropped in its offerings. The value of its treasury is now around $12 billion. The company sits on unrealized losses of an estimated $2.8 billion.

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