Key Highlights
- BitMine Immersion Technologies, led by Tom Lee, added 14,618 ETH, $44.34 million, on Thursday.
- The firm now holds 3,629,701 ETH worth about $10.9 billion, representing roughly 3% of Ethereum’s total supply.
- Tom Lee predicts ETH may bottom near $2,500, rising to $7,000–$9,000 by January 2026.
BitMine Immersion Technologies, led by Tom Lee, has continued to expand its Ethereum (ETH) treasury, making several major purchases over the past week.
On Thursday, the firm reportedly added 14,618 ETH, valued at $44.34 million, according to blockchain analytics firm Arkham Intelligence.
This follows a series of large acquisitions in the past week. Just a few days ago, the company purchased 28,625 ETH worth $82 million on November 24 and 17,242 ETH valued at $49 million on November 21.
With these latest purchases, BitMine now holds 3,629,701 ETH worth about $10.9 billion. This represents about 3% of Ethereum’s total supply.
The firm has publicly declared its goal of gathering 5% of the supply over time, underlining a long-term strategy rather than short-term gains. Tom Lee has called Ethereum a “truly neutral chain” and believes it is going to play a central role in the future of financial market services, which will begin to attract Wall Street and policymaker interest.
Where does Sharplink stand?
SharpLink Gaming Inc. (Nasdaq: SBET) also increased its reserve of Ethereum by 19,271 ETH, approximately $80 million, as per a filing in October. This puts its total at close to 859,400 ETH worth more than $2.6 billion, making the operator the second-largest known corporate holder of Ethereum after BitMine.
Major institutional holders are collectively holding nearly 6.36 million ETH, which represents just under 5% of the circulating Ether supply. This indicates growing interest by institutions in Ethereum, unfazed by its market volatility.
Ethereum price outlook
According to CoinMarketCap, Ethereum is currently trading at about $3,012.81. This is a drop of 0.47% in the last 24 hours. Over the past month, ETH has decreased by around 25%.
Despite recent downturns in crypto markets, Lee is still bullish on Ethereum’s price trajectory. In a recent interview, he has forecasted that ETH could bottom at around $2,500 before climbing to as high as a range of $7,000 to $9,000 by the end of January 2026.
He also hinted that a dovish turn by the Federal Reserve before year-end could ease market pressures and provide clarity for investors, which in turn could benefit not just Ethereum but also bitcoin and other major cryptocurrencies.
The latest ETH purchases saw the firm’s stock BMNR climb almost 5% in premarket trading. Meanwhile, analysts warn that Ethereum’s price needs to recapture the $2,850 – $2,900 level for a continuation of upward momentum. Recent derivatives data also show short-term selling pressures and volatility in ETH futures.
Also Read: Ethereum Futures Surge as Traders Chase Leveraged Exposure
