Tom Lee's Bitmine Ratechets Up Ethereum Bet with Another $150 Million Purchase
BMNR keeps scooping up ETH as Tom Lee insists it's an Iran hedge
By: Zack Guzman
April 7, 2026
Ethereum continues to trade north of $2,000 as President Trump's deadline for a ceasefire with Iran looms.
And yet as volatile as crypto is known to be, Ethereum is holding up well and worthy of increased allocation, according to Bitmine Chairman Tom Lee.
On Monday, Lee's Ethereum treasury company announced it bought another $150 million in ETH, boosting its total holdings to nearly 4% of all outstanding tokens.
"Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the 'mini-crypto winter.' In the past week, we acquired 71,252 ETH which is the highest pace of buys since the week of December 22, 2025," Lee said in a statement.
In investor notes Lee sent out Monday, he continued to point out that while Ethereum is underperforming stocks on the year, the crypto has held up relatively well since the Iran conflict began.
“ETH remains the second best performing asset since the start of the war, with a 6.8% gain and outperforming the S&P 500 by 1,130bp. And ETH beating gold by 1,840bp demonstrates ETH is the wartime store of value,” he said.
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But the number one question facing investors now is reaching a tipping point: Is this war ending soon, or is it about to intensify?
President Donald Trump continued pushing for a ceasefire deal before a self-imposed Tuesday deadline, while simultaneously warning in an interview with Axios over the weekend, that if a deal doesn’t happen, “I’m blowing up everything over there.”
The President continued that threat while speaking to reporters in person from the White House on Monday. “The entire country can be taken out in one night, and that night might be tomorrow night,” he said, noting that negotiations are ongoing —calling them “a significant step.”
Bitmine also announced its BMNR shares will uplist to the New York Stock Exchange from NYSE American, beginning April 9.
For now, with nearly $10 billion held in Ethereum, Bitmine remains the largest Ethereum digital asset treasury company — and only trails Bitcoin treasury company Strategy in the overall crypto space.
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