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In a recent X post, popular crypto analyst Tom Lee urged his followers to "buy the dip" using an almost legendary acronym for the cry. His post came in response to data showing record inflows into U.S. equity ETFs. According to Bloomberg’s Eric Balchunas, investors poured more than $47 billion into top equity funds in just one week, or nearly $10 billion per trading day.
What this comment echoes is Lee's long-standing view that short-term market drawdowns remain buying opportunities.
At the same time, the company he chairs, BitMine Immersion, is navigating one of those dips directly. The firm, which manages $11.36 billion in digital assets, holds 3,395,422 ETH and 192 BTC — basically the largest Ethereum treasury among public ones.
With the ETH price falling more than 14% this week to around $3,334, BitMine’s market valuation was pushed close to the value of its underlying holdings.
Watch floor
Blockworks Research data shows BitMine trading at 1.04 mNAV on outstanding shares and 1.12 on a fully diluted basis. For those not familiar, that means investors are valuing the company almost exactly in line with its crypto assets.
The setup perfectly contrasts with Lee’s own remarks from Oct. 16, when he told Fortune that several digital asset treasury companies had started trading below their net asset value, suggesting the "bubble may have burst." Around the same time, mNAV ratios for multiple Ethereum-focused treasuries slipped below 1.
Now, BitMine itself is sitting right above that crucial point. The near-parity valuation indicates a market on thin ice, a situation where investors are neither discounting nor rewarding exposure beyond the core assets.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
