Tom Lee’s BitMine buys The Dip with $480 million ETH purchase

Tom Lee’s BitMine is buying the dip, scooping up $480 million worth of Ethereum after the latest market selloff.

Lookonchain said on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase follows a flash crash triggered by US President Donald Trump’s announcement that he would impose additional 100% tariffs on Chinese exports.

“It is easier for BitMine to achieve “5% alchemy” at $3,800 ETH than at $10,000 ETH,” said BitMine, the largest ETH treasury company. “PS: just a fact.”

FACT: It is easier for BitMine to achieve “5% alchemy” at $3,800 ETH than at $10,000 ETH

PS: just a fact

– Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 11, 2025

BitMine wants to own 5% of the ETH supply

The largest altcoin by market cap plunged as low as $3,504.32 from more than $4,000 in the past 48 hours, according to CoinMarketCap data.

ETH prices (Source: CoinMarketCap)

ETH is now down over 16% over the past week to trade at $3,802.79 as of 1:08 a.m. EST.

Data from StrategicETHReserve shows that BitMine holds approximately 2.83 million ETH worth approximately $10.76 billion on its balance sheet. SharpLink Gaming has the second largest ETH treasury with 838.7K ETH.

BitMine’s holdings represent 2.34% of the total ETH supply, more than half of the company’s goal of holding 5%.

BitMine sharing woes continue

BitMine’s ETH accumulation has been accompanied by a decline in the company’s stock price in recent weeks.

That became more pronounced on Friday, when its shares fell more than 11%, according to Google Finance. That’s still down 1% in after-hours trading.

BitMine stock price (Source: Google Finance)

Kerrisdale Capital said this week it had sold BitMine short, calling the company’s ETH treasury strategy a “relic.”

In a research note, Kerrisdale said investors would be better off purchasing ETH directly.

This is not the first report of a crypto company coming from a short seller. He also bet against Riot Platforms and Michael Saylor’s strategy. Riot Platforms said Kerrisdale’s comments were “ill-founded,” while Strategy ignored them.

Despite the criticism, BitMine shares have soared more than 671% over the past six months.

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