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BitMine bought $138M of Ethereum, strengthening its bet on market recovery

BitMine, led by Tom Lee, has purchased approximately $138 million worth of ETH, continuing a series of buys amid weak market dynamics. As a result, the company's total accumulated holdings have exceeded 4.5 million ETH (over $9 billion), which corresponds to approximately 3–4% of the network's total supply

Lee considers the current phase of the market to be the final stage of the downturn and views it as an opportunity for large investors to enter. Despite unrealized losses that may reach $7–8 billion, the company is maintaining its accumulation strategy, betting on Ethereum's long-term growth driven by institutional demand, staking yields, and ecosystem development