Tldr:
- Tom Lee warned of a potential bear market while BitMine continued to buy Ethereum during the decline
- BitMine recently acquired another 60,000 ETH through wallets linked to Kraken and BitGo.
- Ethereum traded near $2,093 while remaining about 57% below its reported peak in 2025.
- BitMine Ethereum treasury has now exceeded 5.2 million ETH, equivalent to 4.37% of supply
Tom Lee’s recent bear market warning has sparked controversy in the cryptocurrency market. The comments emerged as BitMine continues to expand its reach Ethereum Treasury despite ETH being weak for a long time.
Blockchain tracking data showed that the company recently acquired another 60,000 Ethereum through wallets linked to Kraken and BitGo. The move came as Ethereum traded more than 50% below its reported peak in 2025.
Tom Lee Bear Market Warning Puts Ethereum Strategy in Focus
Crypto Tony shared Lee’s warning about X, attracting immediate attention from traders monitoring broader market conditions. The discussion got heated because Bitmain Remained aggressive with Ethereum accumulation.
BitMine launched its Ethereum treasury strategy in July 2025 following a $250 million private placement. The company later revealed its holdings of 163,142 Ethereum, worth approximately $500 million at the time.
Since then, the company has steadily expanded its position during periods of market weakness. Recent blockchain activity tracked by Lookonchain indicated the purchase of another 60,000 ETH worth approximately $126 million.
Transactions reportedly moved through newly created wallets connected to Kraken and BitGo’s infrastructure. Blockchain investigator EmberCN also linked the transfers to BitMine vault activity.
The latest acquisition pushes BitMine’s reported Ethereum holdings past 5.2 million Ethereum. This number represents about 4.37% of the circulating supply of Ethereum.
Lee continued to defend Treasury’s strategy during the downturn. According to the report, Ethereum prices below $2,200 were considered an attractive accumulation area.
BitMine ETH treasury expands despite Ethereum market weakness
Ethereum traded near $2,093 during the last market session according to TradingView Data. The asset remains approximately 57% below the high reported in 2025.
BitMine previously indicated that it would slow down future Ethereum purchases during May. However, the company did no Signaling the end of the treasury plan.
The company still aims to control 5% of the total supply of Ethereum before December. This goal has kept interest steady on BitMine’s accumulation pace.
Meanwhile, traders continue to monitor the technical structure of Ethereum. Market watchers highlighted the rising wedge formation during the recent recovery attempt.
Some of the technical setups referenced in the report indicated a potential downside near $1,600 if support levels fail. A move lower could increase unrealized losses associated with BitMine holdings.
Based on reported treasury data, estimated fiat losses could be closer to $10.1 billion depending on Ethereum market prices. The calculation used an average acquisition cost near $3,513 across 5.28 million ETH.
Meanwhile, bounce scenarios remain active across trading discussions. Analysts tracking the wedge formation have identified $2,530 near the 200-day moving average as the level resistance level if buyers regain momentum.
