BitMine Immersion Technologies (BMNR) felt that the falling price of Ethereum was too compelling to ignore, adding $151 million worth, or 71,672 ETH last week as the price of the second-largest cryptocurrency slipped below $2,200.
The firm’s latest weekly addition comes just one week after it telegraphed a slowdown in its ETH purchases, scaling back last week to add only $62 million worth to its stash, which now sits at nearly 5.28 million ETH—or about $11.1 billion worth.
“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” said BitMine Chairman Tom Lee in a statement. (Disclaimer: Lee is an investor in Dastan, the parent company of an editorially independent Decrypt.)
Last week, Lee said that he believed “crypto spring,” or a period of crypto market growth, had started, with Ethereum set to lead the way thanks to its place among popular crypto trends like agentic commerce and the tokenization of real-world assets.
But ETH did not bloom over the course of the last week, instead dropping more than 9% over that time to trade hands around $2,108 on Monday morning. ETH has dipped 3.5% in the last 24 hours of trading, slightly outperforming shares of BitMine (BMNR), which have dropped about 5.4% since the opening bell on Monday.
Shares in the firm are now trading around $18.80, down 18% in the last month and nearly 42% in the last six months. At its current mark, shares in the firm are about 88% off their respective 52-week high of $161.
Meanwhile, ETH is trading over 57% below its August all-time high of $4,946.
Nevertheless, Lee and his firm are optimistic about crypto’s future, especially given progress in the regulatory landscape, with the Clarity Act move beyond the Senate Banking Committee last week.
"The Clarity Act provides the necessary regulatory clarity for the crypto industry and Wall Street to build the next generation set of financial products and architecture,” said Lee.
“There are still many steps and hurdles to overcome before the Clarity Act becomes law,” he added. “But we believe the probability of passage is higher than the 61% reflected on Polymarket.”
As it stands, odds on Polymarket give the act about a 64% chance of being signed into law by the end of the year, a jump of around 2% in the last week and 18% in the last month as the bill made progress.
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