‘Attractive Opportunity’: Tom Lee’s BitMine Adds $151 Million in Ethereum Amid Price Dip

BitMine Immersion Technologies (BMNR) believed that the falling price of Ethereum was too compelling to ignore, adding $151 million, or 71,672 ETH, last week as the price of the second-largest cryptocurrency fell below $2,200.

The company’s newest weekly addition is just a week away after it telegraphed a slowdown in its ETH purchasesscaled back to last week only add $62 million to its stockwhich now amounts to almost 5.28 million ETH – or approximately $11.1 billion worth.

“We view ETH’s recent decline below $2,200 as an attractive opportunity,” BitMine Chairman Tom Lee said in a statement. (Disclaimer: Lee is a investor in Dastanthe parent company of an editorially independent company Declutter.)

Last week, Lee said he believed “crypto spring,” or a period of crypto market growth, had begun, with Ethereum set to take the lead thanks to its place among popular crypto trends such as agentic commerce and the tokenization of real assets.

But ETH didn’t boom last week, falling more than 9% in that time to trade hands around $2,108 on Monday morning. ETH is down 3.5% over the past 24 trading hours, slightly outperforming shares of BitMine (BMNR), which are down about 5.4% since the opening bell on Monday.

The company’s shares are now trading around $18.80, down 18% in the past month and nearly 42% in the past six months. At current levels, shares in the company are about 88% away from their respective 52-week high of $161.

Meanwhile, ETH is trading more than 57% below its all-time high in August of $4,946.

Nevertheless, Lee and his company are optimistic about the future of crypto, especially given advances in the regulatory landscape Clarity Act goes beyond the Senate Banking Committee last week.

“The Clarity Act provides the necessary regulatory clarity for the crypto industry and Wall Street to build the next generation of financial products and architecture,” Lee said.

“There are still many steps and hurdles to overcome before the Clarity Act becomes law,” he added. “But we believe the likelihood of passage is greater than the 61% reflected on Polymarket.”

As it stands now, the odds are good Polymarkt give the bill a 64% chance of being signed into law by the end of the year, up from about 2% in the past week and 18% in the past month as the bill has progressed.