Tom Lee Attributes Crypto Weakness to Quarter-End Adjustments

Tom Lee attributes the recent downturn in cryptocurrency prices to quarter-end adjustments while Bitmine adds $43 million in ETH to its holdings.

FinanceTom Lee Attributes Crypto Market Weakness to Quarter-End Adjustments as Bitmine Acquires Additional $43 Million in ETH

Bitmine's Latest Purchase Marks Its Smallest Acquisition Since Early May as Lee Cites Investor Loss Mitigation Ahead of the Second Half of the Year.

By Krisztian Sandor|Edited by Stephen Alpher Jun 29, 2026, 12:51 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedIn Facebook Email Make preferred on

Tom Lee, chairman of Bitmine and co-founder of Fundstrat, at Consensus 2026 in Miami (CoinDesk)SummaryShow

Last week, Bitmine Immersion Technologies acquired 27,084 ether for approximately $43 million, increasing its total ETH holdings to 5.7 million, which is roughly 4.7% of Ethereum's total circulating supply.
The firm now has around $9.8 billion in crypto assets, cash, and investments, moving closer to its target of controlling 5% of all ETH, despite a slowdown in its purchasing activity.
Chairman Thomas Lee linked the recent downturn in crypto prices to quarter-end "window dressing," as both bitcoin and ether approach their third consecutive quarterly losses, despite positive developments within the Ethereum ecosystem.

Bitmine Immersion Technologies (BMNR), recognized as the largest Ethereum treasury company, purchased 27,084 ether (ETH) last week, continuing its trend of accumulation even amid declining crypto prices.

This latest acquisition, valued at about $43 million based on ETH's price around $1,580, increased Bitmine's total ETH holdings to 5.7 million, as stated in a company update released on Monday. This amount is valued at approximately $8.9 billion and constitutes about 4.7% of the circulating supply of Ethereum, edging closer to the firm's target of 5%.

In addition, the company holds 206 bitcoin, $555 million in cash and marketable securities, along with stakes in Beast Industries and Eightco Holdings, totaling its crypto, cash, and investment holdings to $9.8 billion.

Notably, this recent purchase represents Bitmine's smallest acquisition since early May, a decrease from 52,203 ETH the prior week and significantly lower than the 126,971 ETH acquired earlier this month, indicating a potential reduction in their aggressive buying strategy after months of rapid accumulation. Nonetheless, Bitmine continues to be among the few large digital asset treasury firms that are still actively increasing their crypto holdings while many competitors have paused their purchases in light of the ongoing market decline.

Market Weakness in Crypto

Chairman Thomas "Tom" Lee attributed the latest crypto market weakness to quarter-end rebalancing, with investors looking to minimize losses as the second half of the year approaches.

"Last week proved difficult for crypto investors as ETH experienced an 8% drop, despite notable advancements in the Ethereum space such as the establishment of Ethlabs, and the Bank of England's easing of its stablecoin regulations," Lee remarked. Notably, Bitmine is a key supporter of Ethlabs, a new Ethereum research organization following a challenging period for the Ethereum Foundation.

"As we approach the end of the quarter for June, it is expected that 'window dressing' will lead investors to reduce their holdings in assets that have underperformed over the last three months," Lee noted.

Currently, both bitcoin and ether are on track to record their third consecutive quarterly losses, a trend not seen for bitcoin since 2022 and a first for ether since 2019. According to CoinGlass data, BTC has declined by 12% in Q2 2026, while ETH has fallen by 25%.