Bitmine, the firm co-founded by Fundstrat's Tom Lee, has purchased $41 million worth of Ether as part of an ongoing aggressive treasury accumulation strategy, according to onchain data. The move comes despite the company reportedly sitting on paper losses of nearly $10 billion across its existing ETH holdings, suggesting leadership remains firmly committed to a long-term Ethereum thesis regardless of short-term price pressure. The accelerated buying pace mirrors strategies employed by corporate Bitcoin treasury holders such as Strategy, applying a similar conviction-based accumulation model to Ethereum. Bitmine's continued purchases signal growing institutional appetite for ETH as a reserve asset, even amid broader market volatility and questions about the sustainability of large unrealised losses on corporate balance sheets.
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