BitMine Bets Big, Lee Calls Bubble Burst

Last updated: 9 April 2026

Key Highlights 

• Following a major market crash, BitMine Immersion Technologies purchased 379,271 ETH for nearly $1.5 billion in three separate buys
• Fundstrat’s Tom Lee, who is behind the acquisition, remains extremely bullish on Ether, stating that Ethereum could eventually “flip Bitcoin” and comparing its long term potential to Wall Street’s shift from gold
• Despite his optimism for Ether, Lee warned that the broader Digital Asset Treasury (DAT) bubble may have burst, noting that many DAT companies’ stocks are now trading below their Net Asset Value (NAV)
• Lee believes the overall crypto market is at its “basement” and working its way back up, suggesting the recent leverage flush was a “wound licking” event, not the top of the cycle

​Following a major crypto market crash last weekend, a huge sell off event, one firm, BitMine Immersion Technologies, made a massive, multi billion dollar bet on Ether ($ETH).
​The company spent nearly $1.5 billion on Ether, scooping up a total of 379,271 ETH in just a few days. This happened in three separate purchases:

• ​A large buy of 202,037 ETH right after the weekend crash.
• ​A second buy of 104,336 ETH on Thursday.
• ​A final confirmed buy of 72,898 ETH on Saturday.

​While this aggressive buying hasn’t been officially announced by BitMine, the purchases are being tracked using public blockchain data.

​BitMine: The World’s Biggest Ether Holder

​This recent spending spree has only cemented BitMine’s position as the world’s largest Ether treasury company. A “treasury company” basically means a firm that holds a large amount of a digital asset as part of its corporate assets.
​With their latest purchases, BitMine now holds over 3 million ETH, which is a staggering $11.7 billion worth of Ether. To put that in perspective, this single company controls about 2.5% of the entire Ether supply currently in existence.
​What’s even more surprising is how quickly they’ve done this. BitMine only began buying up Ether in early July, when the price was around $2,500. They have a massive goal: to own 5% of the entire Ether supply, and they are already halfway there.

​The Contrarian View: Tom Lee Remains Bullish

​This huge acquisition spree is being driven by investment strategist Tom Lee of Fundstrat, who remains incredibly bullish (optimistic) on the future of Ether.
​Lee’s positive outlook is significant because it comes at a time when he is voicing a popular concern about other parts of the crypto market, specifically the Digital Asset Treasury (DAT) hype.

​Is the DAT Bubble Bursting?

​Tom Lee and others are noticing signs that the excitement around other corporate digital asset treasuries might be fading, which he calls the “DAT bubble bursting.”
​He pointed out that many DAT companies are currently trading for less than the actual value of the crypto they hold. This is referred to as trading below their Net Asset Value (NAV). If a company’s stock is worth less than the assets it owns, Lee argued, “How would that bubble burst?” implying it might have already started. Research firm 10x Research agreed, noting that major DAT firms like Metaplanet and Strategy are now trading at or below their crypto holdings’ actual worth.
​However, Lee isn’t completely pessimistic about this sector. He believes that DATs with a strong financial base and smart management teams that can effectively trade the assets “may still generate meaningful alpha” (which means they can still make a better than average profit).
​This belief has clearly caught the attention of others. The founder of Huobi, Li Lin, is reportedly trying to raise about $1 billion for a new strategy that involves investing in an Ether treasury, looking to capture that potential “alpha.”

​Lee’s Long Term Vision for Ether

​Despite the concerns about the DAT market overall, Tom Lee is still incredibly bullish on Ether’s potential. He recently told ARK Invest CEO Cathie Wood that he believes Ethereum could “flip Bitcoin,” meaning its total value could eventually surpass Bitcoin’s. He compared this potential shift to how the stock market (“Wall Street and equities”) ultimately became more dominant than gold after 1971.

​The State of the Crypto Market

​So, why the recent downturn?
​Lee told CNBC that investors are still “licking their wounds” from the huge market leverage that was wiped out recently. He also mentioned a phenomenon he called “gold envy,” suggesting that the strong performance of gold this year is making crypto look less appealing to some investors.
​Despite the recent dip, Lee believes the market is near its bottom. The overall crypto market is down about 15% from its peak on October 7. Crucially, he noted that the number of leveraged long positions (bets that rely on borrowed money) are at near record lows. This is often seen as a sign that the excessive risk has been washed out of the system.
​Lee’s final, optimistic take is: “This is not the top of the crypto cycle… I think we’re in the basement and working our way back up.”
​The aggressive buying by BitMine and the staunch optimism from Tom Lee suggest that despite recent price crashes and a growing skepticism about other corporate crypto holdings, some major players believe Ether is positioned for a significant comeback.