Altcoins News
By Jean-Luc Maracon
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Bitmine makes a bold move. Tom Lee's company has just purchased 40,613 ethers for $84 million, even as the cryptocurrency has plunged 60% since August.
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Tom Lee is undeterred. For the Bitmine CEO, now is the perfect time to buy. "Ether remains a crucial pillar of our strategy," he said at a press conference in New York on…
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Bitmine is tight-lipped about how it's financing all this. Not a word about its available reserves.
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Ether was trading at over $4,000 in August 2025. Today? Around $1,600. A painful drop, but one that hasn't discouraged Tom Lee and his team.
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Mark Stevens of Goldman Sachs doesn't mince words: "Buying ethers at this precise moment could be risky.
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An internal source at Bitmine reveals that the purchase sparked debate at the board meeting in January. Some members were not keen, fearing the financial impact.
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BlackRock is watching closely. The fund released a report on February 14 mentioning Bitmine's purchase.
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JP Morgan also weighs in. Their analysts see this purchase as a possible sign of confidence in market stabilization. But they point out Bitmine's lack of transparency.
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Trading volumes remain low compared to historical levels. Even though the price has slightly risen after the announcement, the market remains cautious.
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The next shareholder meeting in March could provide answers. Investors are hoping for clarifications on Bitmine's strategy. For now, Tom Lee is playing the mystery card.
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The industry is waiting to see if other companies will follow Bitmine's example. Buying massively during a downturn is risky but can pay off big if the market rebounds.
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Bitmine's accumulation strategy is part of a broader trend observed among tech companies. MicroStrategy, a pioneer in corporate crypto investments, has held over 190,000 bitcoins…
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Bitmine's purchase comes as the Ethereum ecosystem is at a pivotal moment. Developers are preparing several major updates for 2025, including improvements to the "sharding"…
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