BitMine Immersion Technologies added 71,672 Ether (ETH) last week, lifting its treasury to 5.28 million tokens as Chairman Tom Lee framed the slide below $2,200 as an attractive buying window.
BitMine Ethereum Purchase
The Las Vegas firm spent roughly $154 million on the latest tranche, according to a weekly treasury update revealed on Monday.
That purchase nearly tripled the prior week's 26,659 ETH addition. BitMine now controls about 4.37% of Ethereum's circulating supply, ranking as the largest corporate ETH treasury and second-largest crypto treasury behind Michael Saylor's Strategy.
The company's total crypto and cash holdings climbed to $12.6 billion. That figure includes 202 Bitcoin (BTC), $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings, the firm disclosed.
BitMine has also staked 4.71 million ETH through its Made in America Validator Network. The firm pegs annualized staking revenue at $289 million at current yields.
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Tom Lee Oil Thesis
"We view the recent pullback of ETH to below $2,200 as an attractive opportunity," Lee said in the update, adding the firm could hit its 5% supply target sometime in 2026.
Lee pointed to crude oil as the dominant force pressuring Ether. He argued the inverse correlation between ETH and oil is the strongest he has tracked, with six weeks of rising crude matching the token's slide.
The Fundstrat strategist also flagged the Digital Asset Market Clarity Act, which cleared the Senate Banking Committee, as a potential tailwind for institutional flows once it reaches a full Senate vote.
Ethereum Price Action
ETH traded near $2,112 on Tuesday, down roughly 8% on the week. The token sits well below its August 2025 record of $4,953.
Selling pressure has been compounded by institutional outflows. U.S. spot Ethereum ETFs posted $86.31 million in net outflows on May 18, a sixth straight day of withdrawals, with BlackRock's ETHA leading the bleed. Ether is the only top-10 crypto down on the week, with the ETH/BTC ratio drifting to a 10-month low near 0.028.
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