The Ethereum treasury company founded by Wall Street analyst Tom Lee is now underwater by more than $6.3 billion.
Yet rather than pulling back, the company bought more last week than it ever has in a single week this year.
10 Months To Reach A Historic MilestoneLee called the 5 million ETH milestone “astonishing,” noting it took the company just 10 months to reach it. He said Bitmine is moving toward a longer-term goal of holding 5% of the total ETH supply — a target that would require acquiring millions more tokens at current supply levels.
Lee pointed to several research reports as the basis for his bullish stance on ETH. He argues the asset is becoming a store of value and will increasingly be held as collateral as crypto spreads through mainstream finance.
He also cited demand from AI agents that rely on public, neutral blockchains as another growth driver for Ethereum.
Lee added that ETH has outpaced the S&P 500 in performance since the start of the US-Iran conflict and called it one of the best-performing assets in the world during that period, behind only crude oil.
BMNR Stock Holds Steady Despite Heavy Losses On PaperThe gains were modest. The stock remains down more than 20% year-to-date, tracking closely with ETH’s own decline of roughly 20% over the same stretch.
Despite the losses, Bitmine shows no signs of slowing its buying. The company’s latest purchase signals that management views the current price as an opportunity, not a warning.
Featured image from Unsplash, chart from TradingView
