Bitmine Buys 12,535 Ethereum as Tom Lee Calls Tech, Crypto a ‘Coiled Spring’
Bitmine Immersion Technologies (NYSE:BMNR) bought 12,535 more Ethereum (CRYPTO: ETH) last weekas Chairman Tom Lee called the recent selloff in tech and crypto a “coiled spring” setup.
Why Lee Sees the Selloff as a Buying Opportunity
Lee told CNBC Saturday that AI fears, rising oil prices tied to U.S.-Iran tensions, and broader midterm election anxiety all fed into the week’s market unwind.
He said the setup favors buying memory chips, semiconductors, neoclouds, and crypto broadly, since they’ve pulled back to support levels while the underlying fundamentals remain intact.
“If the fundamentals remain intact, then it’s a coiled spring,” Lee said.
Bitmine’s own statement pointed to the same dynamic hitting crypto specifically. Lee explained that crypto is widely held across the U.S., Korea and Taiwan, so when investors in those regions de-risk from AI-related stock weakness, that selling spills over into crypto markets too.
He called this kind of gap between weak prices and strong fundamentals historically “an attractive risk/reward opportunity.”
What Bitmine’s Treasury Looks Like Now
Bitmine’s crypto holdings, cash, and “moonshot” investments now total $15.1 billion.
As of Oct. 18, the company held 6,041,481 ETH at $2,365 per token, equal to 4.9% of Ethereum’s 122.1 million total supply, putting Bitmine 99% of the way to its 5% accumulation target in just 15 months.
Bitmine has bought ETH every single week since launching its treasury strategy in June 2025.
Through its MAVAN platform, the company has staked 5,067,309 ETH worth roughly $12 billion, and Lee projects annualized staking rewards climbing to $369 million once the company’s full position gets staked, up from $309 million today.
The company’s broader holdings include:
- 215 Bitcoin (CRYPTO: BTC)
- $180 million stake in Beast Industries
- $74 million stake in Eightco Holdings (NASDAQ:ORBS), giving investors indirect exposure to OpenAI
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy’s (NASDAQ:MSTR) roughly $74 billion Bitcoin position.
Where BMNR Stands Technically
BMNR rose 1.5% in Monday’s premarket trading after falling 7% Friday, though the rebound remains modest with shares still below their broken rising trendline and all four major daily EMAs.
RSI sits at 37.24, pointing to bearish momentum, though it remains above oversold territory.
Key levels for BMNR:
- $23: 200-day EMA, next resistance level
- $20: deeper support if that level breaks
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