Bitmine Buys $43M ETH; Tom Lee Blames Quarter-End 'Window Dressing'
Bitmine Immersion Technologies purchased 27,084 ETH (about $43 million) last week, raising its total holdings to 5.7 million ETH (4.7% of Ethereum's circulating supply). This is the smallest weekly purchase since early May, signaling a slowdown in its aggressive accumulation. The company's total crypto, cash, and investment holdings now stand at $9.8 billion. Chairman Tom Lee attributed recent crypto weakness to quarter-end 'window dressing,' where investors reduce holdings of underperforming assets before a new quarter. He noted that Ethereum's price fell 8% despite positive developments like Ethlabs and the Bank of England's softened stablecoin stance. Bitcoin and Ether are set for their third consecutive quarterly losses, a trend last seen for Bitcoin in 2022 and for Ether in 2019. Q2 2026 has seen Bitcoin down 12% and Ether down 25%.
Key facts
- Bitmine purchased 27,084 ETH ($43M), smallest since early May.
- Total ETH holdings reach 5.7M (4.7% of circulating supply).
- Firm holds $9.8B in crypto, cash, and investments.
- Tom Lee cites quarter-end 'window dressing' for price weakness.
- BTC and ETH heading for third consecutive quarterly losses.
- BTC down 12%, ETH down 25% in Q2 2026.