After last week’s sharp crypto market sell-off, BitMine Immersion – a New York Stock Exchange-listed Bitcoin miner – took advantage of the dip by purchasing 203,826 ETH, bringing its total Ethereum holdings to 3.23 million coins worth over $13 billion.
The firm, led by Fundstrat’s Tom Lee, said its average purchase price was $4,022 per ETH. BitMine now holds the largest Ethereum treasury of any publicly traded company and the second-largest crypto treasury overall.
Lee described the recent market decline as one of the biggest deleveraging events in crypto history, with nearly $19 billion in leveraged futures wiped out following new U.S. trade tariffs on China. Despite the turbulence, ETH quickly recovered to around $4,038, while BitMine shares jumped nearly 9% on Monday.