Tom Lee Says Crypto Faced Same ‘Risk Off’ Forces Behind AI Sell-Off: BMNR, ASST Add To Crypto Treasuries As MSTR Skips Bitcoin Buys

According to Lee, despite the sell-off, the crypto pullback this time has been comparatively shallow compared to previous iterations.

• Bitmine Immersion Technologies bought nearly 10,500 ETH last week, adding to its Ethereum treasury despite broader market weakness.
• Strive bought over 6,000 Bitcoin, bringing its total holdings to around 43,000 BTC.
• Michael Saylor-backed Strategy did not report any Bitcoin purchases over the last week, despite buying $204.9 million worth of its STRC preferred stock.

Bitmine Immersion Technologies (BMNR) Chairman Tom Lee said on Monday that cryptocurrencies have been caught up in the same risk-off move that is weighing on artificial intelligence stocks.

"Crypto got pulled down by the same 'risk off' forces behind the AI sell-off,” he said. “In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow.” According to him, it’s “further evidence” of a crypto bull market in the making. 

Lee pointed to Ethereum (ETH), which has gained nearly 50% since July, while the iShares Semiconductor ETF (SOXX) was down 20% over the same period. 

AI stocks have come under pressure this month, with investors questioning the debt companies are taking on to build data centers, with Coreweave (CRWV), Nebius (NBIS), and Iren (IREN) among the hardest hit. On Monday, CRWV, NBIS and IREN stocks recovered in midday trade from a morning sell-off after Elon Musk said that more than 200 “neocloud” companies face failure or consolidation.

Lee’s comments came as BMNR and Strive (ASST) continued to add to their crypto coffers, while Michael Saylor-led Strategy (MSTR) skipped buying any Bitcoin (BTC) this week.

Bitmine Adds 10,000 ETH As Strive Buys Bitcoin

Bitmine added 10,452  Ethereum to its growing treasury, which now holds a total of 6.05 million ETH. Bitmine has bought Ethereum every week since the inception of its crypto treasury strategy.

The company also continued to buy back its shares. It acquired 2.04 million shares over the past week, at an average price of $22.48. So far this year, Bitmine repurchased 22.9 million common shares for around  $399.6 million. 

Strive also expanded its digital asset holdings, purchasing 6,182 Bitcoin last week. The company now holds approximately 43,000 BTC overall. 

BMNR stock fell over 4% in midday trade, with retail sentiment on Stocktwits trending in ‘bearish’ territory over the past day. Meanwhile, ASST stock plummeted nearly 6%, but sentiment remained in the ‘bullish’ zone.

Strategy Buys STRC, Makes No Bitcoin Purchase

Strategy did not report any Bitcoin purchases over the last week, despite buying $204.9 million worth of its STRC preferred stock.

Bitcoin’s price was struggling to hold $80,000 in midday trade on Monday, down 0.8% in the last 24 hours after a weekend rout and on track to hit its lowest level since mid-September. The apex cryptocurrency was trading at around $79,700 at the time of writing. 

Meanwhile, MSTR stock fell around 2.8% in midday trade. On Stocktwits, retail sentiment around MSTR trended in ‘extremely bearish’ territory over the past day.

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