What to know:
- Bitmine purchased 71,672 ETH last week, worth about $157 million at current prices.
- The latest buy marks a sharp increase from the previous week and a reversal of Chairman Tom Lee’s suggestion that the company would slow accumulation.
- Lee said rising oil prices are the “biggest headwind” for ETH prices and described the pullback below $2,200 as an “attractive opportunity.”
Bitmine Immersion (BMNR), a company that holds Ethereum, purchased around $154 million worth of ether last week. Chairman Tom Lee explained that rising oil prices were a key factor in the recent dip in Ethereum’s value, making it the second-largest cryptocurrency to experience this weakness.
The company announced it bought 71,672 ETH, a significant jump from the 26,000 it purchased last week. This is especially noteworthy because a company representative recently stated they planned to reduce their ETH buying activity.
Lee stated that the recent drop in Ethereum’s price below $2,200 presents a good buying opportunity.
Lee believes the price of oil is now the biggest influence on Ethereum’s (ETH) price. He noted on X (formerly Twitter) that ETH and oil prices are currently moving in opposite directions more strongly than ever before, with rising oil prices over the last six weeks happening at the same time as falling ETH prices.
“Oil reversing = ETH prices recovering,” Lee said.
Bitmine, like Michael Saylor’s company MSTR, is one of the few major firms continuing to buy cryptocurrency even as the market has fallen.
Bitmine recently increased its Ethereum holdings to nearly 5.28 million ETH, which represents about 4.37% of all Ethereum currently in circulation. The company’s total assets, including cryptocurrency and cash, are now valued at $12.6 billion. This includes 202 Bitcoin, $685 million in cash, and investments in Beast Industries and Eightco Holdings (ORBS).
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2026-05-18 16:06