Ethereum has dropped sharply this year — down about 60% from its 2025 peak above $5,000.
But that didn’t stop Bitmine Immersion Technologies from buying big.
The company, led by Tom Lee, purchased 45,759 ETH for around $91 million during the recent dip, when prices were close to $2,000. That’s roughly 62% lower than Ethereum’s 2025 high.
With this latest move, Bitmine now holds a total of 4.37 million ETH. Out of that, 3.04 million tokens are staked. That means the company is earning ongoing staking rewards — potentially hundreds of millions of dollars a year at current yields.
Lee said the price drop created a strong buying opportunity. From the company’s point of view, Ethereum’s real-world use and long-term value are much higher than what the market is pricing in right now.
Even though ETH has been trading in a downward channel and facing liquidity-driven volatility, there are still strong fundamentals behind it. Growth in real-world asset (RWA) tokenization and continued DeFi activity are helping support long-term demand for the network.
Interestingly, Bitmine’s stock price has fallen recently, even as it keeps adding to its Ethereum holdings. That kind of disconnect isn’t unusual for crypto-focused companies during volatile market periods.
For now, traders are watching key support levels closely. Big institutional buying like this could help form a base — but with liquidity still tight, price swings in either direction remain possible.
