Ethereum Treasury BitMine Acquires 41,788 ETH as Tom Lee Predicts Crypto Market Bottom

Bitmine disclosed fresh Ethereum purchases today. The U.S.-listed firm said it acquired 41,788 ETH last week, a sizable treasury expansion amid market weakness. Chairman Tom Lee said the buying reflected improving network data, despite price declines, while Bitmine reported no debt and rising staking income.

Tom Lee’s Bitmine Ethereum and Crypto Holdings

In a press release, Bitmine reported total holdings of $10.7 billion, combining crypto, investments, and cash as of February 2. Notably, Ethereum accounted for 4,285,125 ETH, valued at $2,317 per token on Coinbase pricing. 

Amid the recent purchase, Tom Lee’s company now has an unrealized loss of over $6 billion on its Ethereum investment. The company also held 193 Bitcoin, alongside equity stakes in Beast Industries and Eightco Holdings. Meanwhile, the balance sheet showed $586 million in cash, earning money market yields of 3.5%-3.9%. 

In addition, Bitmine reported zero debt, removing near-term liquidity pressure. Tom Lee said this structure allowed continued accumulation without forced selling at current Ethereum prices.

Staking Growth, Weekly Purchases and Network Plans

Bitmine reported 2,897,459 ETH staked, worth about $6.7 billion at prevailing prices. This marked an increase of 888,192 ETH within one week. Earlier weekly totals showed steady growth from 408,627 ETH in late December 2024 to over 2.8 million ETH. 

Meanwhile, Bitmine said its staked Ethereum earned a Composite Ethereum Staking Rate of 2.81%, administered by Quatrefoil. The firm confirmed partnerships with three staking providers. It also disclosed plans to launch its commercial MAVAN validator network in 2026. 

Also, Bitmine detailed recent weekly purchases, including last week’s acquisition of 40,302 ETH and 98,852 ETH during late December. These acquisitions positioned Bitmine as the largest Ethereum treasury holder globally. It ranked second among crypto treasuries overall, behind MicroStrategy.

Stock Activity and Tom Lee’s CNBC Comments

Alongside crypto expansion, BitMine’s stock saw heavy trading activity. Despite heavy trading, the crypto stock is down by 9.40%, or 2.36, to $22.53, as per Yahoo Finance data. Fundstrat data showed average daily dollar volume of $1.1 billion over five days ending January 30. As a result, the stock ranked 105th among 5,704 U.S.-listed equities, near Schlumberger and Humana.

Source: Yahoo Finance

Speaking on CNBC, Tom Lee said crypto prices suffered more than expected after leverage exited the market in October. He explained that strong gold and silver performance diverted risk appetite early in the year. 

However, Lee noted Ethereum network activity continued to rise during this period. Lee said Ethereum daily transactions reached 2.5 million and active addresses approaching one million in 2026. 

He contrasted this with prior downturns, when usage declined alongside prices. Lee added that internal analysis suggested price and timing alignment for a potential crypto market bottom, based on recent trading behavior.