On-chain data shows that Tom Lee’s BitMine and Donald Trump’s World Liberty Financial (WLFI) have been buying the dip amid the recent Ethereum price crash. Both companies spent almost $140 million buying ETH as they doubled down on their bet on the largest altcoin by market cap.
BitMine And Donald Trump’s WLFI Buy The Dip
According to on-chain analytics platform Lookonchain, BitMine bought 106,485 ETH ($470.51 million) on August 15 as the Ethereum price crashed from its 2025 high of $4,500. Meanwhile, Donald Trump’s WLFI bought 1,911 ETH ($8.6 million) during the same period. BitMine now holds 1.3 million ETH ($5.75 billion) for its Ethereum treasury.
Notably, BitMine has been on a buying spree. Just before the $470 million purchase, the company had bought 28,649 ETH, worth around $129.88 million. Tom Lee’s firm made these purchases through Galaxy Digital’s OTC. Two days earlier, it had also purchased $158.47 million in ETH, according to Arkham data.
BitMine is currently the largest Ethereum treasury company, way ahead of the second-placed SharpLink, which holds 728,800 ETH ($3.16 billion). Tom Lee’s company has declared their intention to hold at least 5% of ETH’s total supply and has filed a $20 billion stock offering to advance this strategy.
Like BitMine, Donald Trump’s WLFI is another whale that is bullish on Ethereum. Following the recent WLFI purchase, Donald Trump’s son Eric Trump again encouraged everyone to buy the dip. In February earlier this year, he opined that it was a great time to buy ETH when it was trading at around $2,800.
Ethereum then suffered several pullbacks, during which Donald Trump’s son doubled down on urging everyone to buy ETH. The largest altcoin by market cap has since faced a resurgence over the last 90 days, and is up over 66% during this period. The altcoin is up 27% year-to-date (YTD).
Other Whales Are Buying ETH
Besides Tom Lee’s BitMine and Donald Trump’s WLFI, other whales are accumulating Ethereum during this downtrend. Lookonchain drew attention to a “mysterious institution” that has been buying ETH. Over the past week, this institution created three new wallets and withdrew 92,899 ETH ($412 million) from Kraken.
Furthermore, two newly created wallets withdrew 25,684 ETH ($114.3 million) from FalconX on August 17. This came just as ETH crashed to new lows amid this downtrend. While investors like BitMine and Donald Trump’s WLFI keep buying, the Ethereum Foundation is selling. The organization just sold 7,294 ETH ($33.25 million).
At the time of writing, the Ethereum price is trading at around $4,340, down over 3% in the last 24 hours, according to data from CoinMarketCap.