Bitmine Buys $49M More ETH During Dip
- Bitmine just grabbed another $49M of ETH even while prices tank.
- Now sitting on 3.5M ETH worth $10B – second only to Strategy.
- Tom Lee says market makers are still broke from October crash, so pain lasts a few more weeks.
Bitmine just scooped up another 17,242 ETH for about $49 million on November 21. Which is pushing its total stash to roughly 3.5 million ETH worth over $10 billion. That puts them right behind Strategy as the biggest corporate Ethereum holder. Even with ETH sliding hard to $2,780 and the whole market looking rough, Bitmine keeps stacking.
The old mining outfit turned treasury giant is dead set on grabbing around 5% of all Ethereum out there someday. They fund the buys with fresh cash raises, staking rewards, and quiet OTC deals through desks like FalconX and BitGo so they don’t rattle the spot price.
Why Prices Still Hurt
Chairman Tom Lee told CNBC the market’s still stuck because big market makers got burned in the October 10 liquidation mess and haven’t rebuilt their balance sheets yet. He says it’s like 2022 all over again took eight weeks back then, we’re six weeks in now, so maybe a couple more weeks of pain before things loosen up.
Bitmine’s own stock (BMNR) got hammered over 10% to $26.02, but the company isn’t blinking. They see Ethereum as the backbone for DeFi, smart contracts, and tokenization for years to come. As liquidity creeps back, everyone’s watching if this aggressive dip buying pays off big.
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