Tom Lee's Bitmine Bought The Dip During Ethereum's 'Flash Crash'

(MENAFN- Yolo Wire) %BitMine Technologies (NYSE: $BMNR) took advantage of the recent "flash crash" in Ethereum (CRYPTO: $ETH) to add to its holdings of the cryptocurrency.

BitMine, which is run by chairman and well-known Wall Street analyst Tom Lee, bought 202,037 Ethereum tokens when the price collapsed on Oct. 10.

The firm now holds over three million ETH, or 2.5% of the total supply, which is valued at about $11.84 billion U.S.

BitMine, a serial crypto acquirer, has a stated goal of acquiring 5% of all Ethereum on the market.

Under Lee's direction, the firm took advantage as the price of Ethereum fell from $4,500 U.S. to as low as $3,500 U.S. on Oct. 10.

The flash crash, which took down the entire crypto market, occurred as trade tensions between U.S. and China flared, with U.S. President Donald Trump threatening 100% tariffs on imported Chinese goods.

Ethereum has since rebounded to trade at $3,950 U.S. on Oct. 14, though crypto prices are again trending lower and ETH is down 7% over the past 24 hours.

MENAFN14102025007606016353ID1110194656