TL;DR
- Bitmine bought Ethereum for approximately $145 million in its latest transaction, according to on-chain analysts
- The company is now the largest corporate ETH holder globally, ahead of SharpLink and The Ether Machine
- Chairman Tom Lee has previously stated that ETH is «grossly undervalued» and is betting on long-term accumulation
- The purchase occurs in a clearly risk-averse market — Bitcoin is trading around $71,000 and the Fear & Greed Index shows only 14 out of 100
Massive ETH Purchase Amid Cooled Market
Bitmine Immersion Technologies, led by renowned Fundstrat analyst Tom Lee as chairman, has completed another large Ethereum purchase worth an estimated $145 million. This was reported by The Block, citing on-chain analysts who tracked the transactions.
The purchase comes at a time when the general crypto market is characterized by fear. The crypto Fear & Greed Index shows 14 out of 100 — a level traditionally categorized as «extreme fear» — and Bitcoin is trading around $71,000.
World's Largest Ethereum Treasury
According to The Block, Bitmine is now the largest corporate holder of ETH globally. The company is followed by SharpLink Gaming and The Ether Machine in the subsequent positions.
Based on available research data, the company has gradually built up its holdings since shifting its strategy from Bitcoin mining to Ethereum treasury in 2025. As of mid-March 2026, Bitmine is said to have accumulated approximately 4.6 million ETH, equivalent to about 3.8 percent of Ethereum's total circulating supply — a figure that makes them one of the most dominant single players in the ETH market.
Tom Lee: «Grossly Undervalued»
Chairman Tom Lee has on repeated occasions publicly defended the company's aggressive accumulation strategy. He believes Ethereum is on the verge of a breakthrough driven by institutional adoption and dominance in the stablecoin market.
Lee has, among other things, pointed out that over 60 percent of all stablecoins — representing more than $147 billion — are located on the Ethereum network, and that this market could grow dramatically in the coming years.
Lee has publicly claimed that Ether, even at a price around $3,000, is «grossly undervalued» — and that any unrealized losses are «part of the plan.»
To manage price volatility, a central part of the strategy is to generate ongoing cash flow through staking ETH at the protocol level.
Analysts Are Not Unanimous
It is worth noting that internally at Fundstrat — Lee's own analysis firm — there are more cautious voices. According to a widely discussed, but not officially confirmed, internal document from late 2025, Sean Farrell, Fundstrat's head of digital asset strategy, warned of a possible significant decline for ETH in the first half of 2026, with a potential drop to between $1,800 and $2,000.
Farrell reportedly clarified that his analyses are aimed at clients with heavy crypto exposure who actively rebalance portfolios, while Lee's public communication primarily addresses large asset managers with a long-term horizon. The two viewpoints thus reflect different client needs and investment horizons — not necessarily an internal conflict.
What Happens Next?
Bitmine's aggressively contrarian positioning in a cooled market makes the company an interesting indicator of institutional risk appetite. Whether the strategy proves successful largely depends on Ethereum's price development throughout 2026 — a question on which even internal Fundstrat analysts hold differing views.
The Block is continuously following the case based on on-chain data.
