BitMine Makes Another Massive Ethereum Bet — What Is Tom Lee Seeing?

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BitMine bought more ETH. This time it was a big one. Ted Pillows, a crypto investor and market analyst known for his on-chain commentary and partnerships with major exchanges, reported on August 11, 2026 that BitMine bought $24.3 million in ETH. 

The purchase came in two parts. First, 8,000 ETH worth $14.99 million. Then 5,000 ETH worth $9.37 million. 

Both came from BitGo’s hot wallet, six hours apart. ETH trades at $1,891.13 on the weekly chart, up 1.05% from the prior close, according to TradingView data via Coinbase.

A Pattern That Keeps Repeating

This isn’t a one-off buy. The same wallet also bought 7,500 ETH worth $14.61 million two weeks ago. And 12,138 ETH worth $20.17 million a month before that. 

BitGo shows up as the source every time. That’s four large purchases in just over a month, all routed through the same custodian.

What the Chart Shows Behind the Buying

The weekly chart tells a rougher story than the buying pace suggests. ETH has spent 2026 swinging hard. It climbed above $2,000 early in the year. 

Then it dropped sharply toward $1,500 in recent months. A recovery has since pushed price back to $1,891.13. 

The MACD has flipped positive again, with green bars building after a deep red stretch. BitMine’s latest buy landed right in the middle of that recovery, not at the bottom of the drop.

Why the Timing Stands Out

BitMine hasn’t been chasing dips. It’s been buying steadily through both weakness and strength. That consistency is part of Tom Lee’s broader strategy. 

BitMine has publicly aimed to hold close to 5% of Ethereum’s total supply. Each purchase like this one nudges the company closer to that target.

The Bigger Question

$24.3 million is large, but it’s still one piece of a much bigger position. What matters more is the pattern. Four buys in five weeks, all from the same source, all moving in one direction. 

Whether BitMine keeps this pace up, or slows down once it nears its supply target, is the next thing worth watching.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.

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