Bitmine buys the dip as Tom Lee ties ether's pullback to rising oil prices
Bitmine has significantly increased its Ethereum holdings by purchasing over 71,000 ETH last week. Chairman Tom Lee attributed the recent pullback in ETH prices to rising oil prices, calling the dip an attractive buying opportunity. The firm's total crypto and cash holdings now amount to $12.6 billion.
- ▪Bitmine purchased 71,672 ETH last week, worth about $157 million.
- ▪This purchase marks a sharp increase from the previous week's 26,000 ETH acquisition.
- ▪Tom Lee stated that rising oil prices are the biggest headwind for ETH prices.
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FinanceShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailBitmine buys the dip as Tom Lee ties ether's pullback to rising oil pricesThe Ethereum treasury firm bought over 71,000 ETH last week, a sharp increase from the previous week's purchases.By Krisztian Sandor|Edited by Stephen Alpher May 18, 2026, 1:01 p.m. 1 min readMake preferred on Tom Lee on the Mainstage at Consensus Miami 2026 (CoinDesk)What to know: Bitmine purchased 71,672 ETH last week, worth about $157 million at current prices.The latest buy marks a sharp increase from the previous week and a reversal of Chairman Tom Lee's suggestion that the company would slow accumulation.Lee said rising oil prices are the "biggest headwind" for ETH prices and described the pullback below $2,200 as an "attractive…
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