BitMine accumulates $1.5B in Ether since crash despite Lee’s treasury bubble fears

Fundstrat’s Tom Lee has echoed the sentiment that the digital asset treasury (DAT) hype may be coming to an end but remains bullish on Ether, having purchased $1.5 billion worth since the recent market crash.

BitMine Immersion Technologies has acquired a total of 379,271 Ether (ETH), valued at nearly $1.5 billion, since the record crypto market liquidation event last weekend. These acquisitions were made through three separate purchases: 202,037 ETH immediately after the weekend crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday. This data comes from on-chain sources such as Arkham Intelligence and the ‘BMNR Bullz’ tracker, which monitors BitMine’s purchases, though the company has yet to officially confirm these transactions.

BitMine is currently the world’s largest Ether treasury holder, boasting a stash of more than 3 million ETH—approximately 2.5% of the entire supply—worth $11.7 billion. The firm is already halfway toward its target of accumulating 5% of the total Ether supply and has only started building its position in early July when ETH was trading around $2,500.

“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post-71,” Lee told ARK Invest CEO Cathie Wood on Thursday, reiterating his bullish stance on the asset.

### Is the Digital Asset Treasury (DAT) Bubble Bursting?

Lee’s aggressive Ether accumulation comes despite his view that the DAT bubble may have burst. He pointed out that many DATs are currently trading below their net asset value (NAV)—the worth of their underlying crypto holdings. “If that’s not already a bubble burst, how would that bubble burst?” Lee questioned in an interview with Fortune on Thursday.

Supporting this observation, research firm 10x Research reported on Saturday that major DATs like Metaplanet and Strategy were trading close to or below their NAVs. However, they emphasized that this situation is not entirely negative, as DATs with strong capital foundations and savvy management teams “may still generate meaningful alpha.”

Interestingly, Huobi founder Li Lin appears to be positioning to capitalize on this potential alpha. He has reportedly raised about $1 billion as part of a strategy focused on investing in an Ether treasury.

### Gold Envy Holding Crypto Back?

Speaking with CNBC after trading closed on Friday, Lee noted that investors were still “licking their wounds” from the record leverage flush. He also highlighted a factor he calls “gold envy,” citing gold’s impressive performance this year as a drag on crypto enthusiasm.

“This is not the top of the crypto cycle, but leveraged longs in crypto are near record lows, so I think we’re at the basement and working our way back up,” Lee said.

Currently, crypto markets are down approximately 15% from their record high on October 7. Meanwhile, gold prices have retreated nearly 3% from a peak reached on Thursday.

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*Stay tuned for further updates as the crypto market continues to evolve.*
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