BitMine Immersion Technologies, chaired by Tom Lee, appears to be aggressively increasing its corporate Ethereum holdings, reportedly adding another large sum despite a recent market downturn.
Massive ETH Acquisition
- On Thursday, BitMine allegedly acquired 14,618 ETH (worth $44.34 million) from BitGo, according to blockchain data reported by Lookonchain.
- Note: This specific transaction has not been officially confirmed by BitMine.
- This potential purchase follows the company's recent official announcement of buying $200 million worth of Ethereum.
- Current Holdings: As of its last official statement, BitMine holds 3,629,701 ETH (valued around $10.9 billion), representing approximately 3% of the total Ethereum supply.
- Company Goal: BitMine has repeatedly stated its long-term objective is to accumulate 5% of the total Ethereum supply, emphasizing its commitment to supporting Ethereum's growth in financial market services.
Tom Lee's Bullish Stance
BitMine Chair Tom Lee is a strong proponent of Ethereum, claiming that financial institutions and the White House will favor it as a "truly neutral chain" for their future blockchain initiatives.
Price Predictions
Despite the recent crypto market slump, Tom Lee made significant bullish predictions:
- Ethereum (ETH): He predicts that ETH will bottom near $2,500 before rising to a price target between $7,000 and $9,000 by the end of January 2026.
- Bitcoin (BTC): Lee also expects Bitcoin to surge above $100,000 or even reach a new high by the end of the year.
- Market Catalyst: Lee attributes his bullish outlook partly to the expectation that the Federal Reserve will turn dovish by the end of the year, providing crucial macroeconomic clarity for traders.
November 2025, Cryptoniteuae