Is BitMine becoming Ethereum’s Michael Saylor? – 40,000 ETH buy says…

ambcryptoPublished on 2026-04-05Last updated on 2026-04-05

Abstract

Amidst a strained crypto market characterized by "Extreme Fear" and weak price action, BitMine, associated with Tom Lee, has made a significant move by purchasing 40,000 ETH worth $82.07 million. This acquisition increases its total holdings to 4.73 million ETH, valued at $9.69 billion, solidifying its position as the largest Ethereum treasury holder. The purchase, made during a period of market pessimism, reflects a long-term conviction strategy similar to Michael Saylor's approach with Bitcoin. Despite ETH's price decline and ETF outflows, on-chain data shows investors are withdrawing ETH from exchanges, indicating underlying bullish sentiment. The Ethereum Foundation's increased staking activity further underscores that major players are focused on long-term gains rather than short-term volatility.

Ethereum, along with the entire crypto market, is showing signs of strain. Though the tokens are trading in green, the bulls are not strong enough to counter the sellers.

Yet, amidst this struggling market condition, Tom Lee’s BitMine is making headlines for adding more ETH to its treasury.

According to the latest data from Lookonchain, BitMine has reportedly added another 40,000 ETH worth $82.07 million from FlaconX, a crypto prime brokerage platform for institutions, on the 4th of April.

Source: Arkham

The timing is raising eyebrows

These moves came as the Crypto Fear and Greed Index stood in the “Extreme Fear” zone.

Taking a seat back, if we look carefully, the crypto market has been below the “Neutral Level” in mostly “Fear” and “Extreme Fear” zones since mid-January.

Source: Alternative

This highlights how firms like BitMine are not waiting for the market to improve. In fact, instead of focusing on these short-term noises, institutions are betting on the token’s long-term conviction.

Drawing parallels in the Bitcoin ecosystem, Michael Saylor’s Strategy with 762,099 BTC is following a similar strategy. In fact, if looked carefully, Strategy has been an inspiration to many firms, including Metaplanet, Boyaa Interactive, American Bitcoin Corp., and more.

Ethereum treasury data and ranking

With this move, Bitmine’s total ETH stash now stands at 4,732,082 ETH worth $9.69 billion.

Source: CoinGecko

Following behind are SharpLink with 868,699 ETH, worth $1.77 billion, and The Ether Machine with 496,712 ETH, worth $1.01 billion. ETHZilla ranks 7th and holds about 69,802 ETH worth $141.92 million.

Whereas, Galaxy Digital ranks 9th with 29,200 ETH worth $59.33 million. Thus, with over 30 entities, the total Ethereum Treasury holding stands at 6,733,596 ETH worth $13.79 billion.

ETH price action and more

Zooming out, on the price front, ETH was trading at $2,028.64 after a drop of 1.34% in the past 24 hours. Meanwhile, the Spot Ethereum [ETH] ETF was seeing outflows even as a new quarter began.

Source: Farside Investors

Additionally, the ETH’s Net Transfer Volume from or to Exchanges chart shows that investors are pulling in ETH off exchanges despite price weakness, indicating bullish long-term signals.

Source: Glassnode

This coincided with the Ethereum Foundation bringing its total staked ETH Holdings to around $139 million in just 7 days – highlighting that big players are playing the long game.

Final Summary

  • “Extreme Fear” market conditions are not acting as a roadblock for firm’s who are ignoring short-term noises.
  • Despite weak price action, Ethereum’s Exchange Flow chart confirms the long-term bullish signal.

Related Questions

QWhat significant purchase did BitMine make on April 4th, and from which platform?

ABitMine purchased 40,000 ETH worth $82.07 million from FalconX, a crypto prime brokerage platform for institutions.

QWhat was the state of the Crypto Fear and Greed Index when BitMine made its purchase?

AThe Crypto Fear and Greed Index was in the 'Extreme Fear' zone when BitMine made its purchase.

QHow much Ethereum does BitMine now hold in its treasury after this purchase, and what is its total value?

AAfter this purchase, BitMine's total ETH holdings stand at 4,732,082 ETH, worth $9.69 billion.

QAccording to the article, what does the Net Transfer Volume from or to Exchanges chart indicate about investor behavior?

AThe chart indicates that investors are pulling ETH off exchanges despite price weakness, which is a bullish long-term signal.

QWhich company in the Bitcoin ecosystem is mentioned as following a similar strategy to BitMine, and what is its holding?

AMichael Saylor's company, MicroStrategy, is mentioned as following a similar strategy, holding 762,099 BTC.

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