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CryptoMediumUpdated×24•Originally published 27 April 2026•Updated 29 April 2026•
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Bitmine Buys $241.4M in ETH as Tom Lee Labels Asset a 'Wartime Store of Value'

Key Facts

1Bitmine purchased $236 million worth of ETH, bringing its total accumulation to over 5 million units in 10 months.
2Analyst Tom Lee touted Ethereum as a 'wartime store of value' amid the firm's continued aggressive accumulation.

Bitmine Immersion Technologies (BMNR) has solidified its position as the world's largest institutional Ethereum (ETH) holder, with its total holdings now surpassing the 5 million unit threshold. This milestone follows a recent acquisition of 45,000 units valued at $95.3 million, bringing the firm's control to approximately 4.1% of the circulating supply. The company is strategically positioning itself as a primary proxy for institutional investors seeking indirect exposure to crypto assets. Despite this massive accumulation, the ETH price continues to struggle near the $2,400 level amid broader market consolidation. While analyst Tom Lee maintains that ETH serves as a 'wartime store of value,' the firm's growing dominance continues to spark debates regarding network decentralization. Investors remain focused on whether this institutional proxy status can eventually trigger a sustained price breakout.