Bitmine buys 71,672 Ether during market pullback

Bitmine Immersion Technologies purchased another 71,672 Ether during a recent market decline, with chairman Tom Lee describing ETH prices below $2,200 as an “attractive opportunity” for accumulation.

Ether traded between $2,081 and $2,341 over the past week and was changing hands near $2,128 on Tuesday, down roughly 8.7% over the seven-day period amid broader market weakness.

“Over the past week, we acquired 71,672 ETH,”

Lee said Monday, adding:

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity.”

Bitmine has emerged as the largest Ether treasury company, operating a strategy similar to Michael Saylor’s Bitcoin accumulation model through aggressive long-term crypto treasury purchases.

The company’s Ether holdings now exceed 5.2 million ETH, as Bitmine continues pursuing its goal of eventually controlling 5% of Ether’s circulating supply of approximately 120.7 million tokens.

The buying activity also coincided with reports from blockchain analytics platform Lookonchain that an early Ethereum whale who sold holdings last year had returned to the market by purchasing 1,951 Ether near $2,182 over the weekend.

Lee said higher oil prices linked to escalating Middle East conflict had weighed on Ether’s recent performance, while analysts from firms including Citigroup and Standard Chartered continue forecasting potential upside for ETH driven by stablecoin growth, tokenisation demand and expanding blockchain adoption.

At the time of reporting, Ethereum price was $2,133.72.