As Ethereum experiences a price pullback from its previous high of approximately $4,500 in 2025, Tom Lee’s BitMine is capitalizing on the market dip once more. This recent acquisition follows closely on the heels of the company’s announcement yesterday that its Ethereum holdings of over $6.6 billion have propelled it to become the second-largest crypto treasury firm.
BitMine Acquires $220 Million in ETH Amid Ethereum Price Drop
According to data provided by Arkham Intelligence and highlighted by on-chain analytics platform Lookonchain, BitMine has received 52,475 ETH, valued at $220 million, from BitGo’s active digital wallet earlier today. This latest investment brings BitMine’s total Ethereum holdings to 1.57 million ETH, worth $6.6 billion.
This development follows a recent statement from BitMine that it has surpassed Bitcoin mining company MARA Holdings to secure the position of the second-largest crypto treasury company. The company’s strategy of “buying the dip” commenced last week, during which it acquired $1.7 billion worth of ETH.
Tom Lee’s company is again seizing the opportunity presented by the recent market downturn to increase its ETH holdings at a reduced cost. The firm aims to accumulate enough ETH to represent 5% of the cryptocurrency’s total supply. Data from TradingView indicates that Ethereum’s value has decreased by over 4% today and is approaching a potential retest of the $4,000 level as a support benchmark.
In a post on X, Tom Lee suggested that the anticipated Federal Reserve’s Jackson Hole conference is contributing to the current market slide. According to Lee, investors are choosing to remain cautious until Jerome Powell’s speech at the conference provides clarity on the Fed’s future strategies.
Investors on “hold” until Friday
– all eyes on Jackson Hole 👀👀👀 https://t.co/OESjbhMVIe
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) August 19, 2025
While Tom Lee’s comments primarily addressed stocks, it is widely understood that Ethereum and the broader cryptocurrency market are influenced by macroeconomic factors, including decisions made by the Federal Reserve regarding monetary policy. Consequently, it is plausible that market participants, such as investors in crypto ETFs, are also keenly awaiting the outcomes of the Jackson Hole conference.
SharpLink Gaming Increases ETH Holdings
SharpLink Gaming, which holds the second-largest Ethereum treasury, is also expanding its ETH holdings as the competition to accumulate the cryptocurrency intensifies. The company announced in a public statement that it purchased 143,593 ETH at an average price of $4,648 between August 10 and 17.
Currently, the company’s treasury contains a total of 740,760 ETH. Since implementing its treasury strategy in June, SharpLink Gaming has earned 1,388 ETH through staking rewards. The concentration of Ethereum in SharpLink Gaming’s portfolio has increased by 94% since June, reaching 3.87.
The company still possesses $84 million in reserve funds, which have yet to be allocated to its Ethereum strategy. It is conceivable that SharpLink Gaming could leverage the present market correction to acquire additional ETH, aiming to reduce its overall average acquisition cost.
Data from Strategic ETH Reserve reveals that Ethereum treasury companies collectively hold 4.10 million ETH, valued at $17.13 billion. This represents slightly over 5% of the total supply of the altcoin.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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