Bitmine Drops $41M on ETH While Token Itself Drops $400 🪙

Bitmine, the Ethereum treasury vehicle chaired by Tom Lee, acquired an additional 25,000 ETH from BitGo, according to on-chain data referenced in market reports. The purchase, valued at $41.09 million, brings the firm's three-day accumulation to 125,000 ETH, worth roughly $206 million at the time of the transaction. BitGo is the counterparty identified in the transfer.

The buying spree unfolded against a sharp pullback in ETH's market price. According to CoinMarketCap data, ETH was trading near $2,000 at the end of May before falling to a low of $1,661.50, a level the token was hovering around at the time of writing even after a 2.85% daily gain. Bitmine's average entry across the three-day window, based on the reported figures, works out to approximately $1,648 per ETH.

The accumulation echoes the "buy-the-dip" playbook popularized by Michael Saylor's Bitcoin treasury strategy, though applied to Ethereum. AMBCrypto has previously characterized Bitmine as a "yield-driven version of Strategy that is focused on Ethereum." On-chain reporting indicates 4.72 million ETH sit within Bitmine's wider reserves, with a portion staked, a structure consistent with long-term holding rather than short-term trading.

ETH's broader market backdrop, however, remains mixed. Farside Investors data shows that across May and June, spot Ethereum ETFs recorded net outflows, with June alone registering $101.7 million in inflows against $270.1 million in outflows. Despite the ETF drag, on-chain metrics have shifted: Ethereum's Spot Taker CVD transitioned from heavy sell-side dominance in May 2026 to buy-side dominance in June 2026, a signal that aggressive selling pressure has eased and spot demand has resumed absorbing supply.