BitMine Adds 41,788 ETH to Treasury as Tom Lee Calls Crypto Market Bottom
BitMine disclosed it acquired 41,788 ETH last week, a sizable increase to its treasury holdings amid softer price action. The accumulation signals continued institutional buying despite volatility, and could tighten available float if the coins are held or staked rather than sold. Company officials framed the move as a longer-term treasury deployment rather than short-term trading.
The purchase comes as market strategist Tom Lee declared a crypto market bottom, a call that may bolster confidence among investors and other institutions weighing fresh allocations. While one firm’s accumulation doesn’t guarantee a sustained rally, the combination of large-scale buys and bullish commentary can shift sentiment and prompt follow-on demand. Traders will watch whether BitMine’s ETH remains on-chain or enters staking programs, which would have implications for supply dynamics and price.