Bitmine Buys Another $43 Million in Ethereum as Tom Lee Says Quarter-End Selling Is Hurting Crypto Market

Bitmine Immersion Technologies continued adding to its Ethereum reserves last week, purchasing 27,084 ETH worth about $43 million. Although it was the company’s smallest weekly purchase since early May, the acquisition extended its buying streak during a difficult period for the crypto market.

The latest purchase increased Bitmine’s total holdings to 5.7 million ETH, valued at roughly $8.9 billion. The company now controls around 4.7% of Ethereum’s circulating supply, moving closer to its long-term target of owning 5% of all ETH in circulation.

In addition to its Ethereum holdings, Bitmine owns 206 Bitcoin, $555 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings, bringing its total crypto, cash and investment portfolio to approximately $9.8 billion.

Tom Lee Blames Quarter-End ‘Window Dressing’ for Crypto Weakness

Bitmine Chairman Tom Lee said the recent decline in crypto prices is largely the result of quarter-end “window dressing,” where investors sell underperforming assets before the second half of the year begins to improve the appearance of their portfolios.

Lee noted that Ethereum fell 8% over the past week despite several positive developments, including the launch of Ethlabs, a new Ethereum research organization backed by Bitmine, and a softer regulatory stance on stablecoins from the Bank of England.

Bitcoin and Ethereum Head for Third Straight Quarterly Loss

The latest buying comes as both major cryptocurrencies remain under pressure. According to market data, Bitcoin is down 12% in the second quarter of 2026, while Ethereum has fallen 25%, putting both assets on track for their third consecutive quarterly loss. It would be Bitcoin’s first three-quarter losing streak since 2022, while Ethereum has not recorded three straight quarterly declines since 2019.