BitMine Immersion Technologies, which holds the world's largest Ether (ETH) treasury and is chaired by Tom Lee, appears to be aggressively buying the dip as ETH pulls back from its August all-time high.
According to on-chain data and reports from Lookonchain and Arkham, BitMine scooped up an additional 104,336 ETH—worth approximately $417 million—on Thursday. The assets were reportedly transferred from Kraken and BitGo into three new "whale" wallets, with the acquisition pattern matching previous BitMine purchases.
The firm has not publicly confirmed the latest transaction, but the move aligns with its strategy earlier this week. Following the weekend market rout, BitMine acquired 202,037 ETH over a few days, with Tom Lee stating the firm took advantage of the price decline.
Despite the recent market turmoil that saw ETH fall to $3,945 (a 20% drop from its high of $4,946), digital asset treasuries like BitMine remain confident. BitMine has now accumulated a whopping 3 million ETH, reaching 50% of its treasury target and holding 2.5% of the entire Ether supply.
Lee and BitMEX co-founder Arthur Hayes have doubled down on their prediction that Ether will hit $10,000 by year-end. Other analysts support this bullish outlook, comparing ETH's current chart patterns to previous Bitcoin bull runs and predicting targets as high as $15,000 this cycle.
October 2025, Cryptoniteuae