BitMine Buys 100K ETH Dip Despite Market Panic, Tom Lee Bullish

While the broader market sentiment turned fearful this week, BitMine Immersion Technologies (NYSE: BMNR) provided a stark counter-narrative. According to its latest holdings update for December 15th, 2025, the firm purchased 102,259 Ether in the preceding week, a move valued at more than $300 million. This brings BitMine’s total Ethereum position to 3.97 million ETH, representing approximately 3.2% of the entire ETH supply and valued at around $11.6 billion based on a price of $3,074 per ETH. The scale of this accumulation during a downturn highlights a deliberate strategy to “buy the dip,” leveraging the firm’s substantial liquidity.

BitMine’s financial resilience is underscored by its $1 billion cash position, which Chairman Tom Lee explicitly referenced when questioned by Arkham Intelligence about continuing to purchase during declines. Beyond Ethereum, the firm’s portfolio includes 193 Bitcoin (BTC) worth approximately $16.5 million and a $38 million stake in Eightco Holdings (NASDAQ: ORBS), categorized as “moonshots.” In total, BitMine reports $13.2 billion in combined crypto and moonshot assets. This diversified yet Ethereum-centric holdings structure provides a buffer against volatility while maintaining a massive directional bet on the world’s second-largest cryptocurrency.

Tom Lee’s bullish commentary, delivered in a CNBC interview, presents a paradox when contrasted with Ethereum’s recent price performance. Lee argued that crypto fundamentals are “exiting on a really high note this year,” citing favorable U.S. government legislation and regulations alongside Wall Street’s expressed interest in building blockchain-based products. “It’s almost like both have great visibility, but the price levels are what’s being uncertain,” Lee stated, acknowledging the disconnect between positive developments and negative market sentiment.

However, this optimism preceded a sharp market move. Following his comments, Ether prices lost critical support, tanking below the $3,000 psychological level. The decline continued into early Asian trading on Tuesday, with ETH briefly falling below $2,900—its lowest point since a major leverage flush on December 2nd. Currently, Ethereum is down 41% from its all-time high, and the technical downtrend appears persistent. This creates a clear tension: overwhelming bullish fundamentals for the network, as cited by Lee, are currently being overshadowed by bearish price action and broader market deleveraging concerns, including those related to a “quantum threat” that Lee mentioned.

Looking beyond immediate price fluctuations, BitMine is building for the future. Tom Lee announced significant progress on the firm’s proprietary staking solution, the “Made in America Validator Network” (MAVAN). Described as a “best-in-class” offering, MAVAN aims to provide secure staking infrastructure and is slated for deployment in early calendar 2026. This initiative represents a strategic move to generate yield from BitMine’s enormous ETH holdings and cater to institutional demand for compliant, U.S.-based staking services.

Lee’s long-term conviction remains unshaken. He concluded that in crypto, “the best years are definitely ahead,” drawing a parallel to the early phases of transformative technology. In a separate discussion about AI on CNBC’s Squawk Box, Lee noted, “I think we’re in the bleeding edge phase where everything feels like the tech is in front of the applications. The capabilities will blossom, and then services will follow.” This analogy directly applies to his view of the blockchain ecosystem: the foundational technology is advancing rapidly, and widespread, valuable applications—and the corresponding valuation—will follow. For BitMine and Tom Lee, the current market panic is not a signal to retreat but an opportunity to accumulate, building a dominant position in anticipation of that future.