{"id":610591,"date":"2026-06-23T07:00:24","date_gmt":"2026-06-23T11:00:24","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=610591"},"modified":"2026-06-23T05:59:45","modified_gmt":"2026-06-23T09:59:45","slug":"can-bitmines-10b-eth-strategy-pay-off-as-ethereum-prices-stay-weak","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-bitmines-10b-eth-strategy-pay-off-as-ethereum-prices-stay-weak\/","title":{"rendered":"Can Bitmine&#8217;s $10B ETH strategy pay off as Ethereum prices stay weak?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Last week, Tom Lee&#8217;s Bitmine purchased an additional 52,203 Ethereum [ETH] for $92 million as the market struggled to pick up pace. With this, Bitmine now has 5,672,956 ETH, valued at $10 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For context, Ethereum&#8217;s price was in the bear market, trading at $1,689.19 at press time following a 2.51% decline over the previous day. The spot ETH ETF, meanwhile, has been experiencing a run of outflows, with $66.1 million recorded on the 22nd of June.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to amassing ETH, Bitmine also has 4,718,677 ETH staked in total, valued at $8.2 billion at an average price of $1,733 per ETH.\u00a0 <\/span><span style=\"font-weight: 400;\">This raises the question of why Bitmine is adding ETH despite weak market momentum.\u00a0<\/span><\/p>\n<h2><strong>What is Bitmine&#8217;s strategy?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.prnewswire.com\/apac\/news-releases\/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-67-million-tokens-and-total-crypto-and-total-cash-holdings-of-10-7-billion-302806056.html\" target=\"_blank\" rel=\"noopener\">Lee emphasized<\/a> the company&#8217;s intention to keep building up at a steady pace through 2026. He believes the market is currently in the early stages of a fresh bullish cycle, which he called the &#8220;crypto spring.&#8221;<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\"> Additionally, he mentioned the company&#8217;s objective to achieve the &#8220;alchemy of 5%&#8221; by 2026. Even recent concerns that the Ethereum Foundation might not be able to finance future network upgrades were <a href=\"https:\/\/ambcrypto.com\/ethereum-zero-chance-of-a-funding-crisis-happening-for-eth-says-tom-lee\/\" target=\"_blank\" rel=\"noopener\">dismissed by him, as he said,<\/a><\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">In my opinion, zero chance of this \u2018crisis\u2019 happening for $ETH. Zero. Funding secured.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">These could be the cause of Bitmine&#8217;s increased <a href=\"https:\/\/ambcrypto.com\/coins\/ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> additions despite ETH&#8217;s weak market dynamics. In addition, bullish traders are also holding onto their positions even though Ethereum has dropped about 65% from its peak, suggesting that long sentiment is still strong. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Large liquidity clusters around the $1,900 and $1,600 levels are visible in the liquidity data, indicating that if ETH moves in either direction, a sizable number of leveraged positions may have to close.\u00a0<\/span><\/p>\n<figure id=\"attachment_610610\" aria-describedby=\"caption-attachment-610610\" style=\"width: 938px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced.png\"><img decoding=\"async\" class=\"wp-image-610610 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced.png\" alt=\"$ETH liquidation clusters are pretty balanced\" width=\"938\" height=\"1180\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced.png 938w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced-238x300.png 238w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced-814x1024.png 814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-liquidation-clusters-are-pretty-balanced-768x966.png 768w\" sizes=\"(max-width: 938px) 100vw, 938px\" \/><\/a><figcaption id=\"caption-attachment-610610\" class=\"wp-caption-text\">Source: Ted\/X<\/figcaption><\/figure>\n<h2><strong>What are on-chain metrics hinting at?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Furthermore, CoinGlass data indicates that traders were still primarily on the long side, with the recent data on Ethereum&#8217;s OI-Weighted Funding Rate remaining largely positive as of writing.<\/span><\/p>\n<figure id=\"attachment_610612\" aria-describedby=\"caption-attachment-610612\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-scaled.png\"><img decoding=\"async\" class=\"wp-image-610612 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-scaled.png\" alt=\"ETH funding rate June\" width=\"2560\" height=\"855\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-scaled.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-300x100.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-1024x342.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-768x256.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-1536x513.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-2048x684.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/ETH-funding-rate-June-1200x401.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-610612\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Meanwhile, Ethereum&#8217;s Exchange Flows were inconsistent during the month of June, with both inflows and outflows occurring during periods when the price of ETH steadily dropped.<\/span><\/p>\n<figure id=\"attachment_610613\" aria-describedby=\"caption-attachment-610613\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-scaled.png\"><img decoding=\"async\" class=\"wp-image-610613 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-scaled.png\" alt=\"Ethereum Exchange Netflow \" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-scaled.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-1600x900.png 1600w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-1280x720.png 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-960x540.png 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-640x360.png 640w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-320x180.png 320w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-160x90.png 160w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/06\/Ethereum-Exchange-Netflow-Total-All-Exchanges-3-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-610613\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">But given the recent rise in exchange deposits, some holders may have been transferring ETH to exchanges anticipating a sale or an increase in trading activity given the recent volatility of the market.<\/span><\/p>\n<hr \/>\n<h2><span style=\"font-weight: 400;\">Final Summary <\/span><\/h2>\n<ul>\n<li><em><span style=\"font-weight: 400;\">Tom Lee&#8217;s Bitmine continues to buy ETH despite outflows from ETFs and bearish price momentum.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\"> The on-chain metrics give a mixed opinion about Ethereum&#8217;s upcoming trajectory.<\/span><\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Besides accumulating ETH, Bitmine has also staked 4,718,677 ETH valued at $8.2 billion. <\/p>\n","protected":false},"author":66,"featured_media":610702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,4,20],"tags":[6427],"class_list":["post-610591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Bitmine&#039;s $10B ETH strategy pay off as Ethereum prices stay weak? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Tom Lee believes the best years for crypto are yet to come, wherein tokenization and AI are expected to drive exponential demand.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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