Tom Lee’s BitMine Buys Ethereum Dip, Adds $220M in ETH

Tom Lee’s BitMine is again buying the dip as Ethereum further declines from its 2025 high of around $4,500. The latest purchase comes just a day after the company announced that it had become the second-largest crypto treasury company, mainly thanks to its ETH stash of over $6.6 billion.

BitMine Adds $220 Million ETH As Ethereum Crashes

On-chain analytics platform Lookonchain cited Arkham Intelligence data, which showed that BitMine had received 52,475 ETH ($220 million) from BitGo’s hot wallet today. With this latest purchase, the company now holds 1.57 million ETH ($6.6 billion).

This follows BitMine’s announcement that it is now the second-largest crypto treasury company, overtaking Bitcoin miner MARA Holdings in the process. The company had begun buying the dip since last week, acquiring $1.7 billion in ETH in the process.

Again, Tom Lee’s firm is using this latest crash to accumulate more ETH at a discount, as they look to achieve their goal of holding 5% of the altcoin’s total supply. TradingView data shows that the Ethereum price is down over 4% today, and is now at risk of retesting the $4,000 psychological level as support.

In an X post, Tom Lee alluded to the Fed’s Jackson Hole conference as the reason for the current decline. He claimed that investors are choosing to sit on their hands until then as they wait for guidance on the Fed’s next move through Jerome Powell’s speech.

Although Tome Lee’s statement was mainly about stocks, Ethereum and the broader crypto market are also known to be affected by macro events like the Fed’s decision on monetary policies. Therefore, it is likely that market participants, like the crypto ETF investors, are also looking forward to the Jackson Hole conference.

SharpLink Gaming Also Buying More ETH

Shaplink Gaming, the second-largest Ethereum treasury company, is also buying more ETH as the accumulation race heats up. The company announced in a press release that it acquired 143,593 ETH at an average price of $4,648 between August 10 and 17.

It now holds a total of 740,760 ETH for its treasury. The company has gained 1,388 ETH in staking rewards since launching its treasury strategy in June. SharpLink Gaming’s ETH concentration is at 3.87, up 94% since June.

Meanwhile, the firm still holds $84 million, which it has yet to deploy for its Ethereum strategy. There is the possibility that it could use this market crash to accumulate more ETH in a bid to lower its average cost price.

Strategic ETH Reserve data shows that the Ethereum treasury companies as a whole currently hold 4.10 million ETH ($17.13 billion). This represents just over 5% of the altcoin’s total supply.