Tom Lee-Led BitMine Reportedly Scoops Up $48.89 Million Of Ethereum During Crypto’s ‘AI Downstream’ Story

Bitcoin dominance remains above 60%, which a crypto commentator says leaves a broader altcoin rotation unconfirmed.

• On-chain tracker Lookonchain flagged BitMine’s purchase of another 20,000 Ethereum from Kraken.
• The company now holds 4.8% of 120.7 million of Ethereum's circulating supply, but has yet to cross its 5% target.
• Lee said this week that the rally in Ethereum’s price was overdue, citing Wall Street tokenization, agentic AI, easing financial conditions and supportive crypto policy.

BitMine Immersion Technologies Inc (BMNR) continues to bet big on Ethereum (ETH), with the Tom Lee-led firm reportedly purchasing 20,000 ETH on Tuesday and moving closer to its goal of owning 5% of all Ether as demand for AI stocks cools within the market.

On-chain tracker Lookonchain reported in a post on X that the firm “purchased another 20,000 $ETH from Kraken,” worth around $48.89. However, BitMine has yet to verify the transaction. Including the purchase, the company's last disclosed position would be around 5.87 million ETH, still below the 5% mark.

Lee wrote on X the same day that crypto was in “an ‘AI downstream’ story,” and that was the reason why he saw crypto strengthening this year. 

Still Short Of Its Target