Tom Lee spends $213M on Ethereum as price plunge deepens

Ethereum's largest corporate holder added $213 million on June 9 as the token's price extended its decline, the firm said.

"Ethereum is being priced for a bear market that isn't happening," Tom Lee, chairman of the firm, said. "We used the weakness to add at levels we haven't seen since last year."

The purchase comes as Ethereum fell sharply in recent sessions, with the broader crypto market under pressure. The selloff has hit crypto-exposed equities as well, with Bitmine Immersion Technologies among companies affected by the Ethereum price collapse, according to sector data. XRP traded near $1.16 on June 9 after recovering from a low around $1.05, crypto.news data shows.

The firm, which holds the largest corporate Ethereum treasury globally, has not disclosed its total ETH holdings following the latest acquisition. The $213 million purchase is among the largest single-day corporate ETH acquisitions this year, according to data compiled by the firm.

For the firm, the buy represents a bet that the selloff has overshot fundamentals. A $213 million purchase by a prominent figure during a price dip shows strong institutional confidence in Ethereum, potentially stabilizing or reversing the recent price decline. The acquisition could trigger additional buying among retail and institutional investors, and may indicate the firm's belief that ETH is oversold at current levels. The firm's total position size and next price targets were not yet disclosed.

This article is for informational purposes only and does not constitute investment advice.