Tom Lee's BitMine Adds $220M in ETH Amid Market Dip
BitMine Increases Ethereum Holdings by $220 Million
Tom Lee's BitMine has capitalized on the recent Ethereum dip, adding $220 million worth of ETH to its treasury. This move comes shortly after the company announced its position as the second-largest crypto treasury, largely due to its significant ETH holdings, valued at over $6.6 billion.
According to data from Lookonchain, sourced via Arkham Intelligence, BitMine received 52,475 ETH from BitGo's hot wallet. This purchase increases BitMine's total holdings to 1.57 million ETH.
This accumulation follows BitMine's recent announcement of surpassing MARA Holdings to become the second-largest crypto treasury. The company has been actively buying the dip, acquiring $1.7 billion in ETH over the past week.
BitMine aims to hold 5% of Ethereum's total supply and is using the current market conditions to acquire more ETH at a discount. Currently, Ethereum is experiencing a downturn, with its price at risk of retesting the $4,000 support level, according to TradingView data.
Tom Lee suggested on X that the Federal Reserve's Jackson Hole conference is contributing to the current market hesitancy. Investors are reportedly waiting for Jerome Powell's speech for further guidance on monetary policy.
Investors on “hold” until Friday
– all eyes on Jackson Hole 👀👀👀 https://t.co/OESjbhMVIe
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) August 19, 2025
While Lee's comments primarily addressed stocks, Ethereum and the broader crypto market are influenced by macroeconomic events. Crypto ETF investors are closely monitoring the Jackson Hole conference.
SharpLink Gaming Also Accumulates ETH
SharpLink Gaming, another significant Ethereum treasury holder, is also increasing its ETH reserves. A press release announced the acquisition of 143,593 ETH between August 10 and 17, at an average price of $4,648.
SharpLink now holds a total of 740,760 ETH, with 1,388 ETH earned in staking rewards since June. Their ETH concentration has increased by 94% since June.
The company still has $84 million available for its Ethereum strategy, presenting an opportunity for further accumulation during the current market downturn.
Data from Strategic ETH Reserve indicates that Ethereum treasury companies collectively hold 4.10 million ETH, representing just over 5% of the total supply.