Bitmine Buys 71,672 More Ether as Tom Lee Sees Sub-$2,200 Levels as Buying Opportunity
Forecast Trend Report by Period
Bitmine, an Ether treasury strategy company, made another large purchase of the cryptocurrency during the recent price decline.
Cointelegraph reported on May 19 that Bitmine Chairman Tom Lee said the company bought an additional 71,672 ETH over the past week. He called Ether's drop below $2,200 an attractive buying opportunity.
Bitmine's total Ether holdings now stand at about 5.2 million ETH. The company is targeting 5% of Ether's circulating supply, which is about 120.7 million tokens.
Bitmine has bought more than 100,000 ETH a week in recent weeks. It also purchased 26,659 ETH between May 4 and May 11. The market has compared Bitmine's accumulation strategy to Strategy's Bitcoin treasury approach.
A recent jump in global oil prices driven by geopolitical risks in the Middle East has been cited as a factor behind Ether's weakness. Lee said higher oil prices continue to weigh on Ether, but added that the token could recover if oil reverses course.
On-chain data also showed renewed buying by a long-term whale investor. Lookonchain said an investor who held ETH for more than 10 years and sold the entire position last year recently bought back 1,951 ETH at an average price of $2,182.
Ether is currently about 57% below its all-time high of $4,946 reached in August 2025. Still, the market continues to discuss the possibility of a rebound later this year, supported by expectations for growth in stablecoins and tokenization.
