Tom Lee’s Bitmine Immersion Doubles Down on ETH With $82M Buy

While retail traders panic-sold, Bitmine Immersion Technologies quietly increased its Ethereum reserves again, picking up a massive batch of ETH worth around $82 million.

The new purchase adds 28,625 ETH to the firm’s already oversized cache, reinforcing Bitmine’s status as the largest Ethereum treasury in the world. The move didn’t come out of nowhere — it followed another nine-figure accumulation just a day earlier, when the company received 21,537 ETH from FalconX, an acquisition valued at nearly $60 million.

With two major deals executed in under 48 hours, observers now expect Bitmine to publish updated figures later today covering its exposure to Ethereum, Bitcoin, Eightco Holdings, and cash reserves — a clarification the market has been waiting for amid the turbulence.

Stock Market Reacts Faster Than the Crypto Market

While Ethereum continued to fight overhead resistance on the charts, Bitmine Immersion’s shareholders responded instantly. BMNR stock rose nearly 5% during premarket trading on Monday, signaling rising investor confidence in the company’s aggressive strategy.

Even after its sharp 50% decline over the past month, BMNR remains one of the most profitable crypto-linked equities of the year, still boasting a year-to-date gain of 258%. The pullback has not scared off institutional investors either — regulatory filings show that institutional ownership ballooned from 10 million to 100 million shares in only four weeks, an extremely rapid accumulation phase.

Ethereum Price Faces a Critical Threshold After Losing the $2,900 Handle

Despite Bitmine’s bullish positioning, Ethereum’s price action continues to look fragile. The asset is currently trading near $2,793, hovering uncomfortably close to the bottom of its 24-hour range of $2,763 to $2,883. A 33% surge in trading volume reflects heightened participation, but not yet a clear shift in momentum.

Market analysts warn that unless ETH retakes the $2,850–$2,900 region, upside attempts may stall. The latest derivatives data points to cooling demand, with open interest declining 2% in the last four hours. If buyers fail to reclaim the resistance, some traders are preparing for a retest of the $2,500 zone, a level seen as the next major support.

For now, the price is under pressure, the stock is rallying, and Bitmine Immersion is buying the dip harder than anyone else — leaving the market to wonder whether the firm is early… or unbelievably right.

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