Tom Lee blames crypto weakness on quarter-end 'window dressing' as Bitmine adds another $43 million of ETH
CoinDesk 2026-06-29 12:51:44
Context: Bitmine Immersion Technologies, a leading Ethereum treasury company, purchased 27,084 ether last week for about $43 million, extending its accumulation streak despite a slide in crypto prices. The company's chairman, Thomas "Tom" Lee, attributed recent crypto price weakness to quarter-end "window dressing," as investors cut losses before the start of the second half of the year. This development occurs as bitcoin and ether head toward a third straight quarter of losses.
Key Facts
- Bitmine Immersion Technologies purchased 27,084 ether last week for about $43 million, lifting its holdings to 5.7 million ETH, or roughly 4.7 percent of Ethereum's circulating supply.
- The company's total crypto, cash, and investment holdings amount to $9.8 billion, with 206 bitcoin, $555 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.
- Chairman Thomas "Tom" Lee pointed to quarter-end rebalancing as the cause of the latest bout of weakness in crypto markets, stating that investors are reducing their holdings in assets that have fallen in the past 3 months.
- The latest acquisition was the smallest purchase since early May, down from 52,203 ETH the previous week and well below the 126,971 ETH batch earlier this month, suggesting the company is dialing back its buying pace.
- Bitcoin and ether are set to book their third consecutive quarterly losses, with BTC down 12% in 2026 Q2 and ETH 25% lower, according to CoinGlass data.