BitMine Buys $84M in ETH Amid Market Dip, Tom Lee Calls It an Attractive Entry Point

KuCoinFlash

Release Time: 02/10/2026 03:17:22

ETH

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Summary

ETH price dipped below $2,100 as BitMine bought 40,000 ETH from FalconX and BitGo for $84 million. The firm now holds 4,325,738 ETH, valued at $914 million, with 67% staked to generate $202 million in annual income. Tom Lee called the ETH market update a favorable entry point, noting the price has not yet captured ETH’s expanding role as a financial asset. He added that BitMine’s strategy accepts short-term losses to outperform over a full cycle.

Odaily Planet News: According to Arkham data, BitMine purchased a total of 40,000 ETH from FalconX and BitGo on Monday, worth 84 million U.S. dollars, with a transaction price of about 2,090 U.S. dollars. As of last weekend, BitMine holds 4,325,738 ETH, with a total value of 914 million U.S. dollars. The company has now completed 72% of its goal to acquire 5% of the circulating Ethereum supply. In addition, BitMine has staked about 67% of its ETH holdings, generating an annualized income of 20.2 million U.S. dollars.

Tom Lee stated that the best investment opportunities in cryptocurrencies often arise after a decline. Given the continuously strengthening fundamentals of Ethereum, this market correction presents a highly attractive entry point, as the current ETH price does not reflect its high utility as the core of future finance. Regarding BitMine's substantial unrealized losses, Tom Lee pointed out that this is an anticipated component of Ethereum's treasury strategy during market downturns, with the company aiming to achieve excess returns over a full market cycle.

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